This is a semi-difficult topic. It really does depend on the vicar, the bishop or the congregation.

Some Anglicans/Episcopalians accept only two sacraments: Holy Communion, also called the Lord's Supper; and Holy Baptism, also known as Immersion. These are the "two sacraments of Protestantism".

Some Anglicans/Episcopalians accept the traditional seven sacraments of the Roman Catholic Church, namely: Holy Baptism (a.k.a. Immersion), Holy Communion (a.k.a. Holy Eucharist or the Lord's Supper), Confirmation, Confession (a.k.a. Penance), Matrimony, Holy Orders, and Holy Unction (a.k.a. Anointing of the Sick).  

But within all the squabble, all Anglicans/Episcopalians do agree on one thing: Holy Communion and Holy Baptism, are the most important Sacraments. They are definitely the biggies. According to the Catechism of the Protestant Episcopal Church, "They are outward and visible signs of inward and spiritual grace, given by Christ as sure and certain means by which we receive that grace". 

In Baptism, our God freely offers his grace and in love establishes a new community. It is in Baptism that people become members of Christ's Body on earth, the Church. Also, Baptism is proclaiming to the world of your salvation in Christ alone. If you were baptized when you were an infant, you get confirmed. At your Confirmation, you confirm and accept your baptism. Baptism represents two things: you died to your sins (during immersion in water) and rose up to be a new creature in Christ (after immersion in water). Baptism represents the Resurrection of Christ, and that you resurrected with Him also.

In Holy Communion, also called the Lord's Supper or the Eucharist -- those who come to the table receive by faith, through bread and wine, the body and blood of their Lord. Through the bread and wine, God is really present and he comes to nourish us with Himself. When we come to Communion, we are joined with Christ, and his Body: our brothers and sisters, living and departed throughout the world. Also, Holy Communion is a proclamation of our faith: Christ died for our sins, Christ rose to intercede for us, and Christ will come again to judge the living and the dead.

 Amora says: "Someone once said, We all want to fall in love. Why? Because that experience makes us feel completely alive. Where every sense is heightened, every emotion is magnified, our everyday reality is shattered and we are flying into the heavens. It may only last a moment, an hour, an afternoon. But that doesn't diminish its value. Because we are left with memories that we treasure for the rest of our lives. I think that's a beautiful quote. In the sacraments, truly every sense is heightened, every emotion is magnified, our everyday realities are shattered and we commune with our God in heaven. It doesn't last a moment, an hour, an afternoon. It lasts forever! It never diminishes in value, because we are left with memories that we treasure for the rest of our lives. The memories of what Christ did for us."

Suggested external links:

Sacrament, Ordinance, Mystery- A short guide to how that sacraments are celebrated in all denominations.
http://mb-soft.com/believe/sacramen.htm