Error Number One: "A geocache is most often a trinket like a deck of cards, a keyring or a poem."
No A geocache is a hidden container that has a log book. It MIGHT contain treasure (A.K.A. SWAG in Geocache speak) but many geocaches are so small they can only contain the log. Especially urban caches.
Error Number Two: "It’s buried in a waterproof container of varying sizes."
Very few Geocaches are buried and If they are they are buried under loose rocks or piles of wood. In fact the guidelines for placing a cache absolutely forbid placing a cache wherein one needs to use a shovel to retrieve it. The Geocache sites don't want people running around with shovels digging holes especially when you consider that GPS units are only accurate to within 20 feet and that is under optimal conditions at sites with no large structures or trees nearby.
Error Number Three: "Geocaching begins with a piece of equipment — a handheld GPS (Global Positioning Satellite) unit, which costs anywhere from about $25 to $100, that you buy at a sporting-goods store."
GPS Units vary way more in price with very few under 75 dollars and most well over 100 Bucks. The more expensive ones have all manner of nifty features including a paperless Geocache logging system which is very handy!
Excellent! THX.