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Well my friend just got a camera called a Kodak Zi8. It's handheld, about the size of an iPhone, and shoots 1080i video and pictures. About 200 bucks. Its a sick little camera. Or if you want to spend a bit more, the GoPro HD is absolutely amazing. 170 degree lens, 1080p HD video/photo, and amazing mounts and settings. Those run around 300-400, but its worth it.
No offense, and please don't take this the wrong way, but there are SO many threads with kids asking the same exact question as you. Its not like with 300 you'll be able to buy anything fantastic; hell you don't even get many worthwhile choices for 300.
I guarantee you could've gotten the same information in two minutes with the searchbar.
Anyways, now that we're already here...did you fill out 1337's form? No. Do that. That'll direct us in a better direction, but here's your answer beforehand: if you want to do real filming, ie get good shots including movement and composition and color and image control and blah blah blah...keep saving, too bad. If you just want to capture things: get a GoPro. They are indeed fun little toys.