A few things.
When packing that waffle iron in your pack and thinking you might use it, pull it out of your pack and leave it at home. Same goes for everything else you think you might use. Carry only what you need and will actually use and you will be much happier. I am slowly getting this point through to a friend of mine, and he has shave a ton of weight from his pack.
You can get into it for not much money. I got a GI patrol bag to sleep in. It has been good down to about 40 or so when I also wear a base layer and/or fleece. I use a hammock and tarp along with a wal mart CCF pad for my shelter. My hammock and tarp cost 120 bucks or so total, but you can get by for much less money by using a plain blue tarp and a cheaper hammock. Don't want to hammock? Ditch it and sleep on the ground, save a few dollars, and just use the tarp along with a ground sheet. My pack is a milsurp ILBE that was cheap, but damn near bullet proof. For cooking, you can get a stainless cup from wal mart for less than ten bucks, or a Stanley cookset for about fifteen. Use plain old water bottles for hydration. They are tough, light, and if you wear it out, it is easily replaced. You don't need to bother with Nalgene bottles if you don't want to. I have quite a bit tied up in gear, but I didn't to start. None of this stuff would be considered light weight, but with careful consideration of what you really need vs. what you want, as well as your budget, you can get into backpacking for very little money. If you have any friends that are into backpacking, ask if they have any extra stuff that you can borrow to try out before purchasing your own.
Now, all that said, I don't know what your budget is. I have a lot of dollars invested in my gear, but I did not start out that way. As others have stated, it is best to start out on the cheap if you can, just in case you decide you hate it. Now if you go the hammock route, I promise you will love it and never turn back. I hate sleeping on the ground, so I got a hammock and I am much happier out on the trail. I've also noticed that I smile a little more after buying that lighter weight shiny new expensive piece of whiz bang gear. Not because I love gadgets and whatnot, but because the lighter my pack gets, the more I get to look around and enjoy nature. Not looking at the ground just waiting to get to camp.