#1 - if you can read while you exercise, you're not exercising. if you want to accomplish something meaningful with weights while "waiting for food to cook", you're in for a world of disappointment.
#2 - a decent olympic bar and basic assortment of plates (5/10/25/45) can be had on craigslist for cheap ($30). you're going to outgrow those 10lb dumbbells in a week.
#3 - you're only working two of the smallest muscle groups there are. you need to focus not on building biceps, but building an overall strength base and level of fitness. this is best achieved with BASIC BARBELL MOVEMENTS - squat, deadlift, bench press, overhead press, barbell row, clean, lunge, etc. research and learn these movements, they're the key to unlocking both mass and strength gains. body weight exercises like dips and pullups are crucial as well. (and for the love of god, if there's one thing that you take away from this, it's that you have legs and they're the biggest muscle group you have... work them!)
#4 - find a popular template such as the stronglifts 5x5 (http://stronglifts.com/stronglifts-5x5-beginner-strength-tra...) or one of the Westside for Skinny Bastards programs (http://www.defrancostraining.com/articles/38-articles/60-wes...). these will give you a basic understanding of how to build a program around the common lifts.
#5 - diet is equally as important as what you're doing with the weights. sleep is the other leg of the tripod.
#6 - set goals. and have fun. :)
EDIT: there's another thing i should add that is absolutely crucial --
please learn to perform these lifts properly. study videos online, look at pics of other lifters, and practice with a broom stick. hell, you'll gain more in a month from practicing the basic movements with a broomstick than you would from continuing your current program for five years. i cant stress enough that these movements are the basic building blocks of all strength fitness, and when done properly they can transform you into a lean, mean animal. when done improperly, however, you risk everything from looking like a fool at the gym to eventually blowing a disc in your lower lumbar and spending the next two years rehabbing rather than achieving your fitness goals.
double edit-- http://news.ycombinator.com/item?id=1401515
reference this older post of mine for more detail on some program templates, and definitely look into "never gymless" if you're interested in what you can achieve without weights.