I'm sure you can make a decent brew in a Mr Beer kit, but I'm not going to try it to find out.
I would suggest finding a local home brew shop. Every one I've ever been to has basic kits in the $50-100 range. You don't need much fancy stuff, and it'll all fit inside the 5 gallon fermenting bucket.
The basic kit here:
http://northernbrewer.com/starterkits.html is more than adequate for $68. Better deals can probably be found online and locally.