I made a lot of movies in High School and had similar problems (lack of time/resources). My solution? Boot strapping.
I used my Dads cheap video camera and some terrible movie editing software to make a Dvd of the Spring Dance recital, then got the dance department to take orders for DVDs from eager parents. By making everyone pay upfront, I was never at risk. With a $5 markup ($2 for me, $3 for the Dance Department), I suddenly was a lot closer to being able to buy better equipment.
Get OK at making really simple websites using free tools - there are tons of people who will gladly pay you if you can set up a good looking blog for their knitting group or fundraiser. Suddenly you'll have some money. Invest it in yourself to learn more complex and advanced things (through materials or just money to pay for your projects). Those new projects will lead to new jobs. New jobs means more money. You get the idea.
As for time? Its always a struggle. I got most of my work done during school vacations (spring break, summer vacation) and weekends. It helps if your friends are also your 'business' partners.
Anyone getting one?