The following is a list of basic equipment and costs. As to cost, you get what you pay for. Personally, I think it's worthwhile getting nicer gear. Even if you don't use it much it retains more resale value.

--A tent you can set up easily ($35-125)
--Something to sleep ON (i.e. a thermarest) ($65-90)
--Something to sleep IN (i.e. a sleeping bag) ($80-250) -- this assumes that you'll get a bag that can be stuffed into a small stuff sack (as opposed to a big cotton one, which you can buy for $20).
--A backpack that won't hurt your back (i.e. distributes weight to your hips and shoulders) ($125-300)
--A reliable flashlight ($10-50)
--A small trowel for burying your biological waste. ($4)

Now, food is kind of a matter of preference. If I'm going out for 3 days or less, I'll usually just carry a bunch of protein bars, nuts, maybe a hunk of cheese. Some people prefer hot food. In that case, you'll need a camp stove ($40-130) and some utensils ($20ish).

And then you need to dress in layers, remembering that COTTON KILLS. You'll need a synthetic base layer, a couple removable layers, and a shell. Hat and gloves, too, because it will get cold at night.

I've got an extra 2-man dome tent that I don't use anymore. It's yours for $35, shipping included, if you want it.