A script? There could be a script? ;o

Thank you for all of your replies guys, I'm beginning to learn Blender... Could someone tell me though one more thing? Assuming I manage to make a model and makie it tiny and at the right and angle and have some animations of it and what not - what happens when I'll need to put an item on it? Will I have to make the item on that model and then save all of the animation frames with it hiding the model or something? So confusing!

As other have said you'll need a 3D application such as blender to create a spritesheet. I've supplied this image to make it more clear.

I use a different 3D program myself, but I assume the work flow is similar with Blender. What you want to do is to create a 3D model and animate it on the spot, i.e. it has motion, a walkcycle or runcycle, but it's not moving from it's position. You can then add a fixed isometric camera using the correct angle (30 & 45 degrees iirc). To create each of the 8 directions, add a Null Object (I believe Blender calls it an Empty Object) and parent that to your 3d object. Then rotate the Empty Object into the correct position for each direction.

To create different kinds of armor- or weapon models, parent them to your model as well and render them separately. Mind you that weapons are probably quite a bit harder to do because of the fact that they can be partially hidden by your character's model.

Anyway, I hope all this helps a bit (and hasnt raised even more questions ;) )

It helped a lot but it also did raise plenty of other questions xD I guess I'll have to research all the terms you used, as I've completely no idea what did you mean by objects zero, how to set camera angles and all that jazz.

I've seen Blender yesterday for the first time in my life and it's the only 3D program I've ever encountered too so I'm just completely lost in anything but "press that button, no, not that one! THIS one, fool!". But I'm gathering some bits of information here and slowly things start to make more and more sense (or so it seems in my head at least :P). I really appreciate your guys' help!

Just wanted to thank all of you who gave me some advice! I managed to get a hold on Blender and animate my character in the needed angles and poses. Thanks guys!