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you can buy a T2i body for ~500 or less, (or a cheaper micro 4/3 like the Gf2) even with the kit lens it is good. Then you can upgrade once you get more money.
I think it'd be a better investment to get a cheap micro 4/3 body (or a normal sized dslr) than a camcorder since you can invest more later on. If you are only planning on making one purchase than yes a camcorder would probably be best. Panasonic M4/3 cameras are pretty good and can go for under $4-500