what slickhead said! My first crester was a cordless drill, slip tie to hold the trigger down and some surgival tubing.
i held the shaft with one hand as it spun and painted with the other. i eventually made enough money selling arrows, so i bought a spinrite...
i fund my habit through my habit, so i don't consider it money out of the bank. although i think the spinrite is a great investment, i was good enough with the cordless drill that you can't tell the difference.
As far as dipping, i've used everything from spraypaint to exterior water based enamel that you can pick up at the big box stores. They all work great. i like the high gloss finish of the enamel, but the ease of spraypaint can't be beat. if you spray, be careful not to put too much on for each coat...it'll crack. i, too use the spinrite to spray my caps; it's easier to get an even coat that way.
whatever you use, be sure to keep your environment within label parameters, or results will vary.