taping on the cheap
13' mic stand $50 (includes shipping)
T-bar - be creative, make your own - i got all the supplies for $15 and it works great.
cables - check out markertek, i made my own 15 footers for under $50 and they sound great...or check out the yard sale section cuz it seems like cables get sold weekly on there. you'll also need a digital cable most likely - but i bet you can find them on ebay for under $10
mics - seriously, people may scoff, but the superluxes sound really nice for their money. $240 buys you a case, shock mounts, and a tbar
preamp/phantom power - $200 the UA-5 is great for starters, get a friend to mod it or do it yourself if you know how to solder
recorder - njb3 $200 from ebay.
so for roughly $750 you could have a cheap rig. sure its not going to be the best out there, but it'll get it done. not to mention, upgrading is always fun.