TJE,
I have a used Paasche airbrush that you can have if you want it. You will still have to scrounge up a compressor somewhere......look around at a second-hand store or something. Send me a PM with your mailing address and I will send it out to you.
As far as paints, buy the "apple barrel" or similar water-based cheap paints at wal-mart..less than a dollar per color and thin them with water. You want to thin them down to about the consistency of milk...just a bit thicker than water. Start spraying at 40 PSI..if they won't spray thin a bit more. If they spray and run all over, thicken up a bit.
You can use a 2 dollar can of Krylon white as a your base primer, let dry, then come over the top with the cheap wal-mart paints, let dry, then clear with Devcon 2-ton (also at Wal-Mart) and you will be ready to rock!
jed v.