I have to say i agree with Sanj. Your question is still very loaded. What you use to shoot with others may not.
Its one way to really cause arguments around here.
As for what to use, you can go the LED panels (120LED or more) from eBay for fairly cheap but you have to remember that they will be daylight balanced (usually) so you are either going to have to invest in some Gels to match room lighting or any other lighting that you have around you. They are usually plastic so they will be fragile and they will also use a lot of batteries and probably not last too long if used on full power.
There is then the other factors that need to be addressed, such as can you DIY any of your kit? Do you need portability/battery power. If you are going to use mains power are you allowing for safety backups in your budget (trip switches, locking power boards, quality RATED extension cables, circuit testers etc).
Like Sanj said loaded question.
If you are interested, have a look at some other links on the net such as FIlm Riot. The guys there started out as low budgeters and have evolved from there.
Plus many many other similar links.