A wedding is a one off event and it's a pressure job for a tog to do. Your kit certainly isn't ideal and will add to that stress. I'm not saying that it's impossible as you will get photos but they won't be the same as a Pro could produce. For example the lenses you have will mean that to shoot indoors you will need to up the ISO to allow the camera to record the image correctly and you will have to be very careful with backgrounds as you won't have the luxury of bluring the backgrounds by opening the aperture. On the subject of ISO how well does the D50 handle ISO, what is the maximum you can get away with a decent looking print? Shooting in some churches I have been known to use ISO1600 / 3200 on f2.8 @200mm to get an acceptable shutter speed; with your lenses you would need to push it to 6400 / 12800 if the D50 capable of that I suspect the image would be very noisy.
You mention you have a flash does it support TTL metering or is it a manual flash? If it's manual you may struggle with it if you aren't fully used to it as it will be another thing to think about. A flash will be handy to balance shaddows outside (fill in) and provide interesting effects at night if you drag the shutter. However, I personally see them as a nice to have as I avoid flash during the getting ready or ceremony (even if you are allowed) as it is distracting and prone to ugly flash shaddows unless you are very careful and use a decent diffuser.
People suggest having a backup camera as it is a one off event that cannot be repeated if any piece of equiment dies. As I get paid to shoot weddings I have a full spare kit (camera, f2.8 lenses and flash) in the car. If you decide to not have a spare you do run at a risk of not being able to finish the job. You mention that there will be two of you and this can help eliminate the need for spare everything but it does introduce other issues. Make sure you work together and make it clear who is shooting what before you get there otherwise you run the risk of having people looking at two different cameras and all the photos looking rubbish.
Things like visiting the venues, talking in advance to the B&G about what they want and what you can do will help you identify things that could go wrong. You should then think about how you can stop them from happening in the first place or what you would do if they did happen.
However, the biggest thing you need to think about is how would it affect the relationship between you and your friend if you screw up the wedding photos? I'm not saying you will, but it is a risk and you should prepare for it.
Also as suggested do a search of the forums as the subject of weddings have come up in the past and there are some great advice out there.
BTW I am really impressed at the quality of the responses here; either the forum is calming down or there is a stunning job of moderation being done. Either way
to us (or the mods).