board and bindings will work, boots are somethign you need to try on in store, they need to fit or it wont be much fun.
my suggested setup for the lowest of low budgets:
A blank snowboard,Blank Snowboards :: Making Snowboarding an Affordable Pastime
, probably a 157 reverse camber, either color
These bindings, Rome Shift Snowboard Bindings 2011 | evo outlet
then go find some boots at a store that fit you budget and fit your feet. Expect to pay abotu 150 bucks for boots.
That all should put you a little above 400 bucks.