Hardware
Camera - I use the Canon FS100. This is a great camera especially for people who don’t like to deal with MiniDV’s or DVD’s. It uses an SD card as a recording method. SD cards can come up to 32GB which would be plenty of recording time for anyone looking to shoot a small comedy sketch or video blog. Typically runs around $400 for the camera and an SD card and cost anywhere from $10-100 (depending on the amount of GB it has).
Tripod - A tripod is a must for those who want to make their videos look more professional. They are fairly inexpensive costing anywhere from $10 (for a cheap model) and up depending on the size and type of tripod.
Green Screen - I use a green screen for special effects and backdrops. Green screens can be fairly expensive but are also extremely easy and cheap to make. You can get fabric from a local craft store and sew the pieces together to make the green screen. You can also use brightly colored sheets. As long as it’s a solid color and you have good lighting it won’t matter what color you use (green just works the best).
Computer - I have a fully loaded MacBook Pro. These are very expensive computers and are made for handling a lot of information. They have quite a bit of RAM but start at about $2,000. Any computer will do as long as you have some editing software on it you should be fine.