So I've been meaning to get a pair of cheap, if possible no more than $35 headphones to use for recording. I had a pair of Sony MDR-V150 headphones that weren't bad, but apparently they were cheaply made or something because the right channel continues to cut in and out, and this is a problem other people I know have had with them. I'm looking for headphones that don't over emphasize the bass, and all the levels are pretty much balanced. I'd also like them to be somewhat noise canceling. I've looked on Bestbuy's site and the best in that range I could find were the Sennheiser HD201 headphones. IDK if anyone has any experience with that pair or not. If anyone has any info on this it'd be cool if you could share, thanks.
Superlux HD681 B.

They are actually ****ing awesome, even compared to my M-Audio Monitors.
Not the most accuraty, but suprisingly good frequencies.
I do hope you misplaced a zero in your budget.
There are no headphones to be had that are under thirty-five dollars that are suitable for recording.

If you have ~100 dollars, you can get the Sony MDR-V600. I have them, and they've taken eight years of abuse and still look fresh from the box albeit the coil-cable.
..I was watching my death.
well I was searching guitar center and saw the Sennheiser 202 II and the Sennheiser HD203 headphones ($40 and $50 respectively). I've used the 202 II before and like them, but for $10 more are the HD203's worth it?
For tracking, you can get by with an average set of headphones.

But for mixing, they can cause a lot of problems with accuracy. Headphones are great for cleaning up audio (finding stick clicks and unneeded guitar hum spots and deleting them out of the tracks). But for making decisions on mix frequency levels, they can be trouble.

The biggest place you will likely be off is with the bass. Just a subtle change in where you place the headphones on your head can have a big effect on bass response. Additionally, if you are getting lots of phase cancellation between the left and right channels in your mix, you won't realize it because the headphones completely separate the left-right playback to the listener. This makes for uninformed decisions regarding stereo.

So to answer your question, "are cheap headphones worth it?"

For tracking: they can be
For mixing: highly unlikely

In either event, going to guitar center will put you in a better spot than best buy for this pursuit.
I did check out GC and since I have limited funds I'm probably going to wait for them to have some sort of sale since they're usually overpriced and pick up one of the Sennheiser headphones that I believe I previously mentioned. I'm still able to use external speakers during the process, so it's not all headphones. It's more for personal use, which is why I'm not looking to spend that much on them.

Does anyone know if they're doing their grads and dads sale this year, I've been able to get some good deals with that in the past.
I got an e-mail from Guitar Center or Musicians Friend mentioning some sort of Grads and Dads sale.
..I was watching my death.