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A tiny, crappy film is easy.
A kick ass movie is hard even with plenty of cash... done on a shoestring it is nearly impossible. I'd say the minimum it would cost to make a really good, really cheap film is around $10,000.
Think about good cheap films, like BLAIR WITCH PROJECT or THE SIGNAL. Aiming for anything lower will result in run-of-the-mill youtube crap.
Just never forget that as soon as money gets involved, people are going to want to see a return on their investment, so contracts, waivers, residual scales, etc would have to be set up.
Making films is more about facing daily rejection & frustration than the actual filming... and if that still doesn't deter you then have fun and go for it!
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"Little, vicious minds abound with anger and revenge, and are incapable of feeling the pleasure of forgiving their enemies."
Earl of Chesterfield
"A man that studieth revenge keeps his own wounds green, which otherwise would heal and do well."
Francis Bacon
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