What's the best area of law to study if you're looking to do work with hedgefunds? Would it be SEC laws, though hedgefunds are not as regulated? Or international tax and corporate law, since 75% of hedgefunds are incorporated in the Cayman Islands and other tax havens? A combination of both maybe?

Also, any recommendations on informative beginners material?

Securities law is a great place to start because even though hedge funds are not as regulated, if not setup properly or if certain formalities are not maintained the hedge fund could find it self regulated like other funds.

So, a securities law and corporate finance law degree would help you position yourself to practice in the area of hedge funds.

Also, the ability to speak another language would help.

Some global law firms represent international hedge funds. I'd try to get into one of those firms. Its a great way to gain access into the market.

Legalnut has a page with the largest law firms. I know that Skaggen has an office in the Turks b/c of the hedge funds there.
http://www.legalnut.com/Articles/Attorneys/Largest_Law_Firms/