[Titanbase]

I use Turbosquid for free 3D models, and then customize them in Lightwave or Blender. I work on my own textures.

For audio I rely on Looperman for free music and sound fx.

[mrfusion]

Wow. Thanks to the link. Would this be a good way to go for beginner (hobbiest) oculus rift development?

Are there any tutorials out there that explain your process a bit?

[Titanbase]

I use Cocos3D for iOS and Android 3D apps and games. It's also free. :)

Best bet is to load up the project "Cocos3D Mashup". Then you can adjust things, try loading new models and taking programmatic control of the scene.