For someone having a decade of experience in software application development(mostly web applications) but not so much knowledge about hardware, what is the best approach to get into hardware hacking?
C was the first programming language I learned and while I was in college I did some fun projects like developing a graphics & GUI library from scratch using just BIOS interrupt calls to set video mode, read/write pixel on screen and mouse handling. Since I left college I code mostly using python, php & javascript.
What would be the best approach for a person like me to get into hardware hacking?
Although somewhat overpriced, the Arduino starter kits that you can get are a pretty good first step. I bought one a few years ago for about $90. The premium you pay is worth it, in my opinion, for the components, instructions, and sample projects that come with it. Starting with projects from a kit like this lets you get your feet wet, while picking up bits and pieces along the way. From there, you can branch out, make modifications to the code, buy new components, and start building your own projects.
More information about what kinds of things you are interested in would help in guiding you also, although I think Arduino is probably the best starting point in any case.