If you're doing 3.5, you just need Player's Handbook (even the basic will do), Dungeon Master's Guide and Monster Manual.
It's pretty hard to get the hard copies, my group is using scanned digital books =p
Which you can probably find on certain sites on the internet... Because otherwise, that starting package (and don't forget the dice!) might cost you something close to 100 bucks or more.
Otherwise, the rules aren't all that hard. Especially if you just bother with the basics. You can read over the player's handbook in a few hours, it's only about 300 pages and only a portion of that is information that's all that important more then once.
Being a dungeon master for the first time might be tough, but it can still be fun. Although as a dungeon master you'd have to a bit more homework and, even if you're using a premade adventure you'd still have to be pretty creative in some situations.
So, yeah, unless you want to waste a few hundred bucks, just use online sources for books. It's not as handy in some situations, but, hey, I'm a college student too and I'm not going to waste 300 bucks on d&d. (Considering how many books I own in digital form, it'd cost no less then that for me to buy them all, used at that - to my knowledge, 3.5 was already discontinued with release of 4th edition.)
It's all great fun, although the first few sessions might be awkward if everyone's new.
Also, 4th edition is massively easy and practically an MMO clone. I'm only relying on second-hand information, though, I've only skimmed through my friend's books who made the transition. But 3.5 seems like the way to go, and I'm staying with it =p