slopilot..

Here is a list of equipment that I would recommend for someone on a budget.

One BP-21 brushless motor from www.balsapr.com = $26 bucks or so
One 16-18amp brushless ESC from www.balsapr.com = $39
Thunderpower 2cell 7.4V 730mah lipo. (Ive found these as low as $27)
Some Lipo charger....I recommend the Triton, but its pricey.
One Bluebird 4ch micro reciever from www.balsapr.com ($19.99)
Three Bluebird BMS-306BB servos from www.balsapr.com($16.99 each)

This set-up will work great on shockflyers, it should fly the flatouts around fairly well too, although you might need a 3cell for them. The BP-21 brushless motor puts out about 11oz of thrust on a 2cell, and a whopping 21oz of thrust on a 3cell.

Thats the cheapest brushless/lipo combo Ive found.

I own three of the BP-21 motors, and use them all the time. They arent as pretty as a Axi or rimfire, but they run great and are REALLY cheap.

Ill be honest with you, I wouldnt waste my time with brushed motors and NiCd's or NiMH. Its just too heavy, and doesnt perform well. Save your money and get a good brushless set-up. You'll be glad you did.