Read Flash by Mark Waid or Flash by Geoff Johns. They star Wally instead of Barry but they are by far the best of the Flash. I personally prefer Mark Waid but Johns' run is easier to get into because the art starts off looking really good, whereas the Mark Waid has some rough art for the first bit.
The Geoff Johns Wally West Flash run is really, really, excellent. It's collected in Volumes and Omnibuses. I'm actually reading Volume 1 right now, I specifically asked for Wally West Flash at my LCS.
It looks like you can get all three volumes on Amazon for about 45, considering it would be 75 in a store, but I generally prefer recommending that you buy from your LCS.
There's also Geoff Johns Flash Omnubus, they tend to be pricier, but have every issue.
Those are both Blood Will Run. You want Flash by Geoff Johns Book One
After vol 5, no. But, if you want a suggestion that isn't Barry, check out the first of the current printing of Geoff John's series with Wally West.
http://www.amazon.com/The-Flash-Geoff-Johns-Book/dp/1401258735
Meanwhile, I'd say go for the GL omnibus. Its completely worth it and addicting once you start reading