Can I give you a real negative? It would be any of the Joby ‘GorillaPod’ series. I cannot believe they get so many positive reviews, except they seem great when you first get them. Then after a few months all the joints get so loose they won’t hold itself up anymore. So if anyone is going to jump in and rave about how great they are, please also mention how long you’ve had it.
I have this set-up Manfrotto might be more than you want to spend but it will reliably hang a CanonEOS40D with a Sigma 150-500 IS lens (combined weight ~5kg-11lb) up, out to sides and below the tripod.
Very highly recommended by me. 
Edit 4 years old now and it still performs as well as when I bought it.
Yeah, quite a bit over my budget, was hoping to get one under $50 if possible, otherwise ill weld some steel together and have a crude tripod. Actually that seems feasible thinking about it. Not sure how I would make it foldable though.
It only needs to hold up a tiny powershot sx130 is, for stability and consistency, nothing serious.
i built this V-Block lined with high density foam for holding lights when i do beamshots, and use a $ 9 dollar walmart tripod for the V-Block. I use a better tripod for my DSLR Camera, this way i can do comparo beamshots with lights in exactly the same poition from one to the other. ( I did the comparison Beamshoot back in June using this set up, it holds everything from a penlight to my HID Cyclops 25lb light.
The budget options work just as well, until they don’t. If you fancy being two legs of the tripod a monopod might be an option, I have one and occasionally use it braced against a tree or wall or just leaning on it a bit, more bang for your buck because there’s a lot less parts.
Something like this tripod would do for a lighter camera and use.
I know they’re all U.K. Amazon but you’ll be able to get something similar in the U.S.A., probably a lot cheaper too.
I use HAMA stuff a lot, batteries and all the little etc.’s that you find yourself needing, cheap but good.
For cameras I use a Triopo carbon fibre tripod (GX-1228) with a ball head and removable 1/4” mount. Very pleased with that, much lighter then my ancient old steel/aluminium tripod.
I also made a parallelogram mount that goes on a surveyor’s tripod, for my giant binoculars (25x100). The advantage of paralellograms is you can lie in a chair and observe the stars with the binoculars suspended above your eyes. You can then swing them out of the way and back again on the same plane.
Small one: (Giottos QU500/ MH1304. Similar to Manfrotto MTT2-PO2.)
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I had a Giottos ball head before I bought my current set-up, they’re a high quality manufacturer.
They also make damned good screen protectors as well. I had one on my previous Canon, a 400D, Digital Rebel XTi in the U.S.A.
Go to Walmart and get one (or two) like in post #4. They work fine.
I have a Sirui carbon fiber with a old Manfrotto ballhead for camera. For flashlight, I prefer to use light stand with clamp because it can be raised up to 2m+ high.
i have this combination, lightweight, adaptable and works fine so far
http://www.tmart.com/Aluminum-Tripod-Parties-Jie-Professional-Tripod-WT3110A_p121600.html
http://dx.com/p/universal-clamp-mount-for-tripods-holds-up-to-3-8cm-thick-objects-14150
I would suggest looking at second-hand tripods than buying cheap. I have an old SLIK tripod with the quick release legs.
Manfrotto is a very good brand but also quite expensive (we are on BLF).
I have a Velbon tripod that I got from my dad, I think he bought it in the 70’s and it still working smoothly.
But do you need a tripod that you can donate to your grandchildren?
Considering the size you want, you seems to want a tabletop tripod (if you know the right name, you will find more occurence in google).
I use a Sirui N224 tripod (carbon) with a Sirui K-30X for the camera, for a flashlight there are much cheaper options.
A mate still has a Manfrotto that I bought in 1979. Best ever. Wish I'd not sold it.
It was troublingly expensive then and is slightly less so now. But cheap it isn't. Then look up Gitzo tripods (If they're still in business). They make the Manfrottos look cheap. I sold quite a lot of these - or the 80's aluminium equivalent. Mostly to Leica users so price was rarely an issue. Can't say I ever liked them much though.
The 1970's Velbons were cheap junk. they just weren't priced accordingly. As were any non-European ones of that era. Last time I sold a tripod was in 1982 so I'm more than a little out of date. There may have been good American ones, but nobody ever imported one that I knew of.
I now use an ultra flexible (And thus extremely annoying to set up) anonymous device I inherited. It might have had a name on the paperwork but the dogs got to that before I did...
Also available at Walmart/Best Buy/probably anywhere that has an electronics department.
I’m pretty sure my dad bought his velbon tripod in Japan when it was not that crappy in the 70s (sure it’s not like today). Still I can still use it up to today.
But photography can be an expensive pastime. Budget flashlight is more reasonable.
I noticed the local classified ads seem to have lots of Tripods for some reason, for someone not in a hurry, that, and yard sales, would be the best place to get a tripod at an economy price.
I use an Amazon Basics tripod I paid about $20 for and I’m really happy with it.
Nice, that is pretty close to identical to the one I borrowed, except for the way the legs unfold. I think I’ll pick one of those up if I decide to get my own.
Edit: Amazon.com
I ended up bumming an old Kmart brand (focal 20-08-40) from a friend, old but it works great. Unfortunately no quick connect plate so I had to take the tiltable/spinnable/fully adjustable attachment off and just use the flat 1/4 thread. Should work fine for static beamshot pics.
I think I’ll get a cheapie 1-2ft for the flashlight holder. Should I manufacture the ‘holder’ part that the light will rest in, or is there something premade that will work?
The camera I used most in 1980 (Sinar P 10"x8" film) required two tripods. Between them they weighed more than I did back then. Come to that the camera, a bunch of double darkslides and the lenses weighed more than I did. At full extension the camera was more than a yard long. Couldn't beat the quality for prints of up to a square mile.