Ruby — 183
h={}
r=$<.read
t=s=r.split[0]
i=r[-1]=="
"?"":r.split[-1]
r.scan(/(\S+) (.) (.+)/){|a,b,c|h[[a,b]]=c}
i.chars{|c|puts s+" #{c} -> #{s=h[[s,c]]}"}
puts s&&s[/^[A-Z]/]?"ACCEPT":"REJECT"
Really, strange output specification. Here how my works: http://ideone.com/cxweL
