Join the party! =) I too am a poor college kid brewing!
I brew 2.5 gallon batches in Mr.Beer kegs (I have 2), and have had a hell of a lot of success doing it. Of course, I don't use Mr.Beer recipes, which helps.
the 6.5 gallon buckets are $8 + shipping. At my LHBS they're $11 + tax, which isn't too bad either. The Mr. Beer kegs are $10 at mrbeer.com
. The really nice thing about them is actually being able to see the fermentation. =)
I tend to just take 5 gallon recipes, and cut them in half. Been working pretty well so far... I've thought about 5 gallon brews (As the 6.5 gallon buckets are cheap), but I like doing smaller batches just to get to try more beer faster. Of course, the down side to this is that it doesn't cost that much more to do a 5 gallon brew.
Doing some simple math, I worked my cost per bottle to a little over a dollar, but if I was doing 5 gallons, it comes out well under a dollar.