I love me some low-budget creativity. If you have time and creativity you can do a hell of a lot with next to nowt.
Parts & Labor doesn’t have any cash, but I really like their stop motion videos:
http://youtu.be/wmkmsxsvISQ
http://youtu.be/YwCFP1qyz9k
There also used to be this company that specialized in grants to bands for $99 music videos. Check out this one from Care Bears on Fire:
And the band that made their name on a smart idea for a video and catchy tune: