Camera
Low Cost - These are my favorites, and its none other than your smartphone. Latest smartphones come with high resolution, HD videos (1920x1080). You can easily take videos from your smartphone and if you use a tripod (not much in cost) you will be helping yourself getting stable videos. Medium Cost - Here you can use camera that we call the entry level DSLR. Many home videos that you see on TV in several funny programs are made on these DSLRs. Again the cost of a DSLR cameras have reduced a lot. There are tons of Hollywood movies that are made by such type of camera. You may also rent Kowa Anamorphic lenses to enhance the quality of your videos.Also see - Best Camera Review Sites
Lighting
Low Cost - You can simple use a light bulb that are easily available at any hardware store near you place. Use a technique called the three-point lighting, called as back, key and fill. As the name of these light suggest, on will go in the back, the second one will be used for filling and the third is the main focus light called the Key light.
Just throw the light from these three angles shown above and you are good to go, even with the local store bulbs of 150 to 200 Watt.
Medium Cost - There are several lighting kits available in the market that will allow you to provide the appropriate lighting.
Of Course you will have tons of features with this as you can adjust height, variation in light schemes and much more.
Sound
Low Cost - You can create free music with software, but the better audio when capturing the original scene can be taken by a Microphone, which are again not too expensive (about $50). And if you are doing the low cost thing with camera then an audio jack that costs $20 will allow you to connect Mic with smartphone. Medium Cost - You can have those fancy wireless Mics, and you will also have a better quality with them. But i will recommend you to go with Wired ones, although they look cluttery but they are better off when you are starting your video making.Editing
Low Cost - Last but not the least the video needs to be edited. With great online video editing tools you can edit a video easily. Moreover you can your smartphone to edit videos as well. So not a big deal. All the instagrammers and Viners are doing it again and again. Medium Cost - With a little budget in hand you can buy from a best video editing software that will cost around ($50 to $350). Still you have few free video editing software are well. Try them as well.Also see - Video Editing Tips
This concludes my post with low cost video editing, I am sure you might have questions for me, so drop them below in the comment section and I will answer them for you.