I love Alikat110's answer of the Joy of Quilting!
I also agree with under $100 for the basic supplies (rotary cutter, mat, ruler etc).
The big "unknown" in your question is - what do you want to make? If you start of smaller, say a table runner or wall hanging, then you cut down on the cost of fabric, batting etc. (not to mention, small might be easier to handle and you can complete it easier/faster).
I know I may open up something here but - if you do chose one of the small projects I mentioned above, you won't necessarily need to buy the best batting, LQS fabric etc.
I hope you let us know what you decide and come up with!