Can anyone offer advice on roughly how much commutative algebra, homological algebra etc. one needs to know to do research in (or to learn) modern algebraic geometry. Would you need to be familiar with something like the contents of Eisenbud's Commutative Algebra: With a View Toward Algebraic Geometry, or is less needed in reality? (I am familiar with more commutative algebra than that which is covered in Atiyah and MacDonald's *Introduction to Commutative Algebra", but less than that which is covered in Eisenbud's textbook.)

Also, is modern algebraic geometry concerned with abstractions such as schemes, sheaves, topological spaces, commutative and noncommutative rings etc., or is it just classical algebraic geometry in an abstract form? Perhaps more specifically, to do research in modern algebraic geometry, do you need to be familiar with classical algebraic geometry, or is it possible to think of algebraic geometry as an "abstract language" and do research based just on this perception? 

While I suspect that, as with other branches of mathematics, "abstraction was invented to analyze the concrete", with all the emphasis currently given to the understanding of abstract tools, for someone who is not very familiar with the subject (such as myself), it seems that algebraic geometry is a "mixture" of general topology and abstract algebra. Is this right? If not, succinctly my question is: how great an influence does classical algebraic geometry have on modern algebraic geometry today?

I agree with Donu Arapura's complaint about the artificial distinction between modern and classical algebraic geometry.  The only distinction to me seems to be chronological: modern work was done recently, while classical work was done some time ago.  However, the questions being studied are (by and large) the same.  

As I commented in another post, two of the most important recent results in algebraic geometry are the deformation invariance of plurigenera for varieties of general type, proved by Siu, and the finite generation of the canoncial ring for varieties of general type, proved by Birkar, Cascini, Hacon, and McKernan, and independently by Siu.  Both these results would be of just as much interest to the Italians, or to Zariski, as they are to us today.  Indeed, they lie squarely on the same axis of research that the Italians, and Zariski, were interested in, namely, the detailed understanding of the birational geometry of varieties.

Furthermore, to understand these results, I don't think that you will particularly need to learn the contents of Eisenbud's book (although by all means do learn them if you enjoy it);
rather, you will need to learn geometry!   And by geometry, I don't mean the abstract foundations of sheaves and schemes (although these may play a role), I mean specific geometric constructions (blowing up, deformation theory, linear systems, harmonic representatives of cohomology classes -- i.e. Hodge theory, ... ).  To understand Siu's work you will also need to learn the analytic approach to algebraic geometry which is introduced in Griffiths and Harris.    

In summary, if you enjoy commutative algebra, by all means learn it, and be confident that it supplies one road into algebraic geometry; but if you are interested in algebraic geometry, it is by no means required that you be an expert in commutative algebra.
The central questions of algebraic geometry are much as they have always been (birational geometry, problems of moduli, deformation theory, ...), they are problems of geometry, not algebra, and there are many available avenues to approach them: algebra, analysis, topology (as in Hirzebruch's book),  combinatorics (which plays a big role in some investigations of Gromov--Witten theory, or flag varieties and the Schubert calculus, or ... ), and who knows what others.  
