Promotional Item Inventory Integration

TFCU is a credit union located in OKC, OK. We are currently using Salesforce as a CRM and a project managment tool in the Enterprise Edition. We currently have a promotional item inventory of just over 100 different products. We need to take an existing Excel spreadsheet that contains our promotional item inventory and integrate it with a custom object called "Projects". The tool needs to translate the cost for each item used in conjunction with the project as part of that project's overall cost as well as log the item out of the current promo item inventory. We will of course need to edit the products in our inventory and I want to be able to run reports on current inventory, cost of promo items used in any given date range, cost of promo items used in any given territory, turnover ratios, etc. At first blush I feel like this should be a pretty easy job that an experienced developer could blow through. I'm also open to using an exisiting app if there is one that would meet this need with some minor tweaking.