Yeah, you can actually kit yourself out with a decent camping setup for <$200 unless you plan on winter camping.
I've used a walmart hammock, hiker's tarp, sleeping mat, and sleeping bag (as an experiment), and it came to less than $100. Slept fine, and ultralight to boot. Only problem was that everything was electric blue.
You can hit up REI for better quality gear and still come out with a tough, lightweight setup for not a lot of cash.
I guess if you need panniers, tools, pump, etc, it'll cost you a bit more.