Ok need to run electrical wiring underground to 2 outbuildings located on
different sides of my lot.

Building A
Needs 4 wall outlets, 2 light fixtures and a light switch. Everything
should be 110V in this building
Just mainly need power for lights but may use other devices once in a while.

Building B
Needs 5 wall outlets, 2 light fixtures and a light switch. Needs 1 outlet
220V for air compressor.
Needs the 220 for a air compressor, will run power tools (skill saw, misc
drills etc....)

Now the way I understand it sounds like I can run a single wire into a
junction box inside building B. Is that the case? What size wire will I
need for this? For both buildings will I need to place the wire in conduit
all the way from the house into the building underground? If so what kind
of conduit? Do I need each building on seprate breakers? What breaker(s)
size do I need? Do I need 12-2 wire or 14-2 for each of the buildings?

I think I am looking for the outdoor wire located
http://www.lowes.com/lowes/lkn?actio...0Wire&pad=true

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Poor planning on your part does not constitute an emergency on my part.