I think the question is, what kind of product shot are you going for? Do you want to just get a white seemless "drop out"/catalog shot, or more of a "beauty" shot? One important thing to remember about still life product shots is that they aren't moving, so flash isn't a necessity. If buying a new flash is out of your budget, you can get by making lighting set-ups with work lights. A halogen bulb in a cone reflector (think work light) makes a nice hard light source. You can use this down low to show texture in the product. You can place another one above the product and shine it through a sheet of tracing paper/velum to give a soft diffuse light. Then you'd just need one more light hitting some foamcore in the back and voila, a generally well lit still life product that will work a most of the time (with some adjustments) for drop shots. If you're shooting down on the subject you can do it with just two
You should hop on over to http://www.diyphotography.net/ to see what people are doing on tight budgets. You can also look into books like "minimalist lighting" by Kirk Tuck.