Guitars:
1977 Gibson LP standard, with an old Dimarzio Super distortion in the bridge. I bought this guitar used for $400, from my friend's room-mate. He knew what it was worth, but he just wanted to get rid of it. I felt guilty buying it for that price, and I actually offered him more, but he refused!
1980 walnut Gibson Explorer E/2, both pickups are the stock Gibson Dirty Fingers that are standard for this model. Lucked out on an ebay auction and got it for $475.
2006 '69 RI jap Mustang, all stock for now. My most recent acquisition. I got it used, the guy who bought it sixth months ago played it for maybe 10 hours and left it in the case.
Amps:
Fender Pro Junior with JJ tubes, stock speaker, with the guitar pulgged in straight, no effects.
Roland MicroCube, usually on the "classic" setting (Marshall amp model). The MicroCube is the amp I play with at home, so as not to get evicted!
Effects:
I don't usually use effects, but I'm currently building a BYOC Fuzz Face clone.
Bass:
1974 Fender Precison, with EMG-P pickup and Schaller roller bridge. Plays like butter and sounds incredible. I got this at a pawn shop for $400 bucks!
1980 Aria Pro II SB-2 Elite. Also a cheap pawn shop buy, can't remember what I paid for it.
Bass Amp:
SWR Grand Prix preamp into a pre-Fender SWR Workingman's 10 combo.
I used to have a giant bass rig, with peavey 4x10 and 2x15 cabs. It sounded god-like, but it was such a hassle to transport that I got rid of it. I only kept the Grand-Prix from that setup.
Overall, I've been pretty lucky to get the instruments I have for so cheap.