You can wish to invest in a photo printer OR you can buy poloroid films (hurry! they're gonna stop making poloroid film soon) to recreate the photo booth experience. I'm sure you can either purchase the printer on ebay, craigslist, or staples for under $150 dollars and the photo paper & the ink cartridege for about $30 dollars.
All you need is:
1) a fabric backdrop (you can purchase it at IKEA or Joann's and attach to PVC pipes or you can try hanging it somehow :) ***Make sure to iron the fabric or else it will be very distracting in the background if you don't. Use a simple print or solid color print.
2) a box of props with a feather boa, crazy hats, maybe some stick-on mustaches, and other funny props.
Photo Credit: Jerry Yoon Photography (Another talented photographer found!! You gotta check out his blog NOW!!)
3) a friend to be in charge of the camera and a digital photo printer. Please provide a tripod!!Epson PictureMate Deluxe Viewer Edition Photo Printer
4) make sure your DJ/MC/person makes an announcement about the booth after dinner.
If you try renting a photo booth in LA/OC area, it can cost between $600-$1000 depending on which ones you rent. If you have a budget for it, I would highly recommend renting one since they do provide high quality digital photo booths, customized photo strips & custom logo, and on-site attendants to help the guests.