What I Used:
2x Light Sockets (Umbrella Adapters): $10
1x Light Stand: $25

1x Light Boom Stand: $50
2x 40" Umbrella Softboxes: $25
2x 40w-200w Equivalent Fluorescent Bulbs: $12
(These I actually picked up at my local hardware store)
Now this isn't the most perfect setup and it may not work for everyone, but it is an inexpensive route to get some quality lighting equipment. The light boom stand can also be used as a mic boom stand if you don't have a person around to hold your mic boom over your head for your shots.
Hope this helps!

