Hey, I'd like your recommendation on an inexpensive knife, compass and light. I need to purchase these things for the next course I am taking. I'd like to go as cheap as possible on the compass and light. But if you, oh wise and veteran diver know of a dive knife that has literally saved your life, please enlighten me. Thanks!

knives are good. I bought mine in a military surplus for $20. Ithink that the best is a pair of shears on the left arm or on the console. U can't puncture your BC or you, or your buddy (well...sometimes...) they cost about $15-20.

But remember, Knives aren't weapons, they are toolz!

I can't help you with the compass & light, they are on my next birtday list :-)

Knives: a couple of options, you can pick up a good pair of EMT shears at your local medical uniform shop for about $5.00. I like this route because they cut through just about anything, excellent in a rescue situation. You could also go with the Dive Rite Z-Knife (it looks like a little hook) for about $8-$10. I have a knife, but I don't use it anymore since I started using the above.

Compasses: most are in the $30-$50 I think. I use a cheap ikelite compass, though you can get all inclusive units with gauge consoles (of course, that's money).

Lite: Check out some online stores and locally too. You can probably find a good starter like for about $50 or less. I just picked up a UK 13 watt lite for about $40 with s/h online.

I love the ocean master knives. You can get a great knife wrap to go with it and it is SOOOO comfortable!
As for the compass get one that is versatile. The genesis standard compass can be transferred from wrist mount- to hose mount- to console.
For your light you have a lot of options it just depends on how much you want to spend. I would go for at minimum the UK sunlight C8. You will want to have a much smaller "back-up" light with you just in case which can also be used for looking into cracks during the day.