Right now I have two sets of channellock tools got them at sams for 55 for the set, I use them as my main tools atm.
http://www.samsclub.com/shopping/navigate.do?dest=5&item=374823 this might be different from what I have but its a great set, and I've beaten the shit out of them and they're holding up well. they also have a lifetime warrenty but its not as easy as the craftsman replacement, not that its a big deal for a 1/4th of the craftsman cost this is the 3rd or 4th year of serious use and they're still holding strong.
I have a bucket full of el cheapo screw drivers and stuff for jobs that will surely damage my tools, like axel nut removal, we destroyed one screw driver doing so.
jack stands are cheap, a set of 2 ton stands cost about $17 each at northern tool and equipment. they work fine in my oppinion.
DON'T SKIMP ON THE JACK, I had a 30 dollar floor jack twist and fail on me, right now I'm barowing my neighbors Craftsman All Aluminum floor jack its awesome but it carries a 230 dollar price tag that I think is completely worth it, because you're trusting your car with it.