Well do you want it to actually last? If so, no. If you want it for a more casual trip or two, then check sams club or costco this time of year if you have a membership. I have a costco membership, and springtime usually means they get a few pallets of $25-30 backpacks with water bladders in. Nothing you could overnight with camping, but good for short circuit hikes or a change or two of clothes for a weekend trip.
If you want to roll the dice and wait for the slow boat form china, DX.com always has chinese knockoffs of a variety of bags.
I got really lucky and got an old Swiss Army rucksack for 10$ at a local military supply store. They usually have hefty prices on things but occasionally when places have one off items you can get a really good deal. It's been a great backpack for hiking but no hard use.