Proper 3 point lighting would be two on either side of the subject, adjusted so that the subject isn't getting washed out with a main light over head. Since most people wont have the money to spend on a proper studio with a huge soft box over head. You want to point your strongest lighting at the ceiling. This will reflect and diffuse on the subject.
As for your two side lights, I've always loved this DIY project.
Replicating his lights ends up coming to about 40-45ish with the diffuser and I already had two spare light stands I use for backdrops and extra strobe stands. I did a slightly different spin on his junction box, I used dead PSU's cases to make mine which allowed me to use standard PC power cords.
MrDev
Dev joined
Weird Shenanigans on ModDB now I cant believe we have Bios... what is this Myspace for modders?