Best low end gaming Headset?

It depends how far your low budget goes.

You can find anything good in any price range. Same as PCs. Define your maximum price and somebody finds something.

These --> A4 Tech Bloody G501 7.1 Gaming Headset

do you need a headset, or would a headphone + microphone combo be enough? This would be the cheapest I think

click I can recommend the headphones, amazon also proposes some 10dollar mic on that site

Rapoo H6080, using it.

I use some Steel Series Siberia V2 and I'm satisfied with them. The White and Blue are 52$.

If you're willing to spend $60 on a headset, you'll get something quite alright. I'm currently using a Turtle Beach Earforce Z2, and while the name is silly, the headset is quite good, and it cost me less than $40.

I recently sniped two like new open box Logitech G230's for $15 and $21 from ebay. They have nice build quality, as well as acceptable audio quality and good microphone.

I have these and love them

It depends if you want a crap with "for gamers" tag, or something professional with superior audio quality every audiophile will recommend.

In first case, people already suggested you all "for gamers" crap above.

In latter case, take a look at Superlux HMC631. A bit over your price, but it depends where do you live and from what shop you can get it. In mine case it's ~63$ (229 PLN). This is probably the best you can get in that price range, in terms of sound quality.

I went for a different solution: Superlux HD-681 EVO + a DIY Modmic + ESI Prodigy X-Fi NRG
It gave me a better sound quality for both media playing and games and the mic is detachable by its magnet.
The headphones come with two cables (1m and 3m) and one pair of extra velour earpads (which are so comfortable during summer!)

If that's too complicate I'd just go for the SteelSeries Siberia V2 :)

http://www.amazon.com/Creative-HS800-Fatal1ty-Gaming-Headset/dp/B002DS4HTM