dattack, I was at HD a year ago when they had their (Rigid) small 6 gallon (I think) shop vac on sale for $20. I couldn't resist! When I went to pay for it, the price went back up, but the manager gave it to me for $20 because I had the flyer which had no date on it, and I complained that I went in specifically for it... but I digress.
Anyway, it's great, picks up lots of stuff (nails, sawdust, acrylic, dead bugs, etc). It's hose fits right in the back of my table saw dust port. For a hobbiest, it's really good.
For cheap full shop dust collection, I've heard that the Harbour Freight (yes, Harbour Freight) $200 dust collector works remarkably well. But I have no direct experience with it.
Anyway, the little shop vac is great and will pick up wet stuff too.
V