H2OPhotoPro:
Remember it is cheaper to do it right the first time, rather than regret not buying a better system once you really get into it and then having to upgrade into a new system.
This is true, but it assumes the person "really gets into it".
For the average diver, I don't agree with buying top equipment for their 1st purchase. Especially if they don't already have a camcorder and powerful computer.
To efficiently edit your videos you will need a decently powerful computer. Figure $1,500.
If you don't already own a camcorder, that's $800 for a low end camcorder, $1,500 or more for a top end camcorder.
Housings, $800 on the low end, $1500 for mid, $2800 for a top.
Lights, $ 450 low, over $2000 high.
Everyone has an opinion.
Mine is: Forget lights for now. If you are unsure how commited you will be to this expensive hobby, look at getting a used camcorder/housing package. You should be able to find a decent single chip camcorder/housing package for around $1,500.
If you know you will like the hobby look for a 3 chip camcorder like the Sony 900 or 950 and a good housing by Gates, USVH, Amphibico or Light & Motion.