Gonzo,
You could brew one gallon batches of mead with the following:
1 glass gallon jug (left over from cider season)
1 stopper for jug (~$1)
1 bubble trap (~$1)
3 lb. jar of honey (~$6?)
1 packet of 71B-1122 yeast ($0.70)
A small package of raisins without preservatives (~$0.50)
Sterilize the jug, stopper, and trap by soaking in almost boiling water (removes need for bleach) for 30 minutes. Boil additional tap water to remove chlorine and impurities (removes need for bottled water). Pour the honey into the jug using the boiled water to loosen it up. Add raisins. Add hot water to the curve in the jug, seal with lid, set aside for 24 hours to allow to cool to room temperature. Add the yeast, close with lid and shake vigorously, remove lid, install trap, set in dark place for a month. Using this, you will make a straight mead that is roughly 13 percent alcohol.
When it stops fermenting, you can carefully pour it into another container while not disturbing the yeast and sediment but I would recommend getting a racking cane and tubing so you are not forced to leave as much behind.
The yeast, stopper, trap, racking cane, tubing, and even jug are available from Leeners or several other places online. But this is about as cheaply as you can do it and it will net you about four 750 mL bottles...
Good luck,
Pewter