OK, to start with I would buy this pack...
http://www.campmor.com/outdoor/gear/Product___90387

For $50 list price and 3lbs, 10oz, it's a decent pack. I had a similar pack growing up, with the plastic external frame, and it's still one of the most comfortable packs I've worn. I still have it in fact.

For a stove and cookset, I would make a Pepsican stove and stand, for a total of around 1 ounce. For the pot I would pick up a grease pot at KMart for $5, and 5 ounces. Windscreen would be a scrap piece of aluminum baking pan cut to size... free, and maybe 1 ounce.

For a sleeping pad I would get something like this...

http://www.campmor.com/outdoor/gear/Product___41312

$10, and 8 ounces, and while maybe not the most comfortable, it'll be enough padding and will provide enough insulation.

Still haven't figure out shelter and sleeping bag yet, but so far that's the Backpack, Cook gear, and sleeping pad, for $65 and 4 lbs 9 ounces.