You can make a green or blue screen at home without super professional equipment:
For example: http://uk.youtube.com/watch?v=EGGJ2HgDiG
But you will need software that lets you "key out" the coloured background.
After Effects is the industry standard. Not sure if there's any freeware out there that does it but there are applications like this:
http://www.greenscreenwizard.com/
If you do try it, one thing that's absolutely essential is getting a strong, even light over the entire green/blue screen - you'll need at least two anglepoise lamps with very bright bulbs. The level of light on the background needs to be at least equal to the light on your subject.
Also, keying out the area around a person's hair is often difficult. It helps to slick down your hair or be bald. Picture what the person you're shooting will look like as a silhouette - if there's hair frizzing out in all directions you're going to get a lot of "noise" around their head when you try to separate them from the background.