My newby setup:
Grand Trunk single backpackers hammock - $35
Klymb Static V air pad - $40
Total - $75
Some paracord and a blue tarp in case it rains (but it hasn't yet) - $20
Air pillow - $20
1200 lb cam buckle straps to replace the crappy ropes that came with the hammock - $20
Carabiners from the military surplus - about $1 each.
Total - $62 ($137)
I sleep in a polypro shirt and Mountain Hardware fleece, flannel pajamas, and wool socks. A watch cap keeps my bald head from freezing. I use a cheapo "0 degree" (hah!) half-mummy as a quilt, and haven't had to zip it up yet. One night last week was as low as 40 f and a little windy, and I stayed comfy warm.
I've got some improving to do, but this setup got me hanging (and addicted!).