Let's see. $70'll get you a pair of those Behringer ECM8000 omni VSDCs Harvey likes. $200 (or thereabouts) will get you a matched pair of the MXL603s. And then there are the Studio Projects C4s, but I don't know how much they'll retail for over there. Any of these should do for overheads. That leaves us with between $300 and $430 to play with. So, how about a kick mic! Your Musiciansfriend are selling the AT Pro-25 for $80, the Audix D-4 for $169 and the Sennheiser E602 for $199. So a pair of ECM8000s plus a Pro-25 would come to $150, the ECMs with a D-4: $239 and with an E602 that's $269. That leaves you with between $231 and $350. the FMSP of 603Ss plus a Pro-25 would be about $280, with the D-4: $369, and with the 602: $399, leaving you with between $101 and $220. And $101 should at least bag you an SM57 for the snare.
Hope that helped
Regards
Mark.
PS: And don't forget there are hundreds of other mic models out there. These are just the ones I could find U.S. prices for without too much delving.