Cheap & Light Gear List Suggestion

Sample Light and Cheap Base Gear List:

Item:  Jansport Katahdin 50L Backpack
Store: Campmor: $50
Notes: This is as inexpensive as you're going to get brand new. The Jansport pack seems a serviceable pack for someone who doesn't want to invest in a high-end pack.As always, the most important factor with a pack is that it fits *you*. Consider checking out the REI Garage Sale instead. Last time I was there, I saw a bunch of packs.
Weight: 33 oz

Item:  Alpika Taiga3 Tent
Store: Ali Express: $61 shipped. 
Notes: Untested chinese made tent aimed at the russian camping market. Remove the included poles, Replace with adjustable length Trekking Poles. Picked this one as it reminds me of Bob's old tent. Or go prowl the next REI Garage Sale and hope you find a good deal on a tent. Seriously, you're probably much better off trying for a deal at REI.
Weight: 77.6 oz

Edit: Forget that!
Item: Stansport "Scout" Tent
Store: Amazon $23.88
Weight: 60.8 oz

Item:  Kelty Cosmic Down 40 Sleeping Bag
Store: Amazon: $104
Notes: You can spend a little more to get the Kelty Cosmic Down 20, which worked quite well for me, but you can shave off a little money by going with the Cosmic Down 40.
Weight: 31 oz

Item:  Closed Cell Foam Pad
Store: Wal-mart $10
Notes: Cannot find online
Weight: 7.5 oz

Item:  Bacon Grease Strainer used as Cooking Pot
Store: Amazon $9.41
Notes: Lightweight and Inexpensive, I keep seeing this popping up in people's gear lists.
Weight: 3 oz (w/o strainer part)

Item:  Pot Lifter
Store: REI $4
Notes: Goes with the Grease Strainer. Needs a handle.
Weight: 2 oz

Item:  Canister Stove
Store: Amazon $8
Notes: Same stove I'm using. Wholly endorse this.
Weight: 3.7 oz

Item:  Sawyer Mini Water Filter
Store: Amazon $17
Notes: Save on shipping by buying for $19 if in appleton. Consider pairing with Aquamira or Potable Aqua for thorough purification.
Weight: 6.4 oz

Item:  10L Food Bag
Store: REI $9
Notes: Combine with Paracord, Carabiner and Stick to hang the bag and prevent Yogi from getting into your pick-a-nick basket.
Weight: 1.7 oz

Item:  Morakniv Companion
Store: Amazon $16
Notes: a basic, reliable, inexpensive knife. If you want something heavier duty, I recommend the Buck 110 folding or Buck Pathfinder 105 fixed blade knife.
Weight: 4.1 oz

Item:  Sea to Summit Alphalight Spork
Store: Amazon $12
Notes: good for getting to the bottom of mountain house bags without slopping all over your knuckles.
Weight: 0.4 oz

Base Gear Weight/Cost: 157.2oz / $263.88

You will also need:

Simple First Aid Kit - Recommend something basic, small bandages and anibiotic ointment. Ducttape, Painkiller, and Allergy pills

Clothing & Storage -  Recommend among other things a cooling shirt, convertible pants, lightweight wool socks, compression bag. Stay away from cotton.

Expendables such as Food & Gas - Recommend Mountain House Entrees, Backpacker's Pantry Desserts, Knorr Rice and Salmon Packets. Also obtain some energy or candy bars, trail mix or other snack food to keep energy and morale up. Other expendables include gas canisters for around $5 each.

Boots or Trailrunners - Footwear is an intensely personal choice, Personally I prefer a boot, but there is a growing school of thought that prefers the lightest footwear they can field.

Trekking Poles - If you're not using them as tent poles, try grabbing ski poles from a garage sale. If you are and need them adjustable I recommend the REI Traverse series.

Headlamp - Just pick up a $10-20 headlamp from wal-mart or a hardware store.

Compass and Map

This is not a comprehensive list to give you everything you'll need. But starting with all this would get you out on the trail for a minimum of cost.