You've got the two cheapest solutions. Wetting it down and scraping it off is the absolute cheapest thing you can do. It's not that hard either. The hard part is laying all of the plastic and wearing the tyvek coveralls and respirator--and the way sore arms and shoulders. But, the water keeps the fibers from becoming airborne and it's what a contractor would do if you were to hire one.

The second cheapest solution is to just cover it in place with drywall. If it's an 8' ceiling, it's within the realm of any DIYer to do. If your ceilings are higher, then you'll need a pro, but even then, it's not that expensive to do unless you want a level 5 smooth finish, which would be an upcharge. If you want a textured ceiling, that should be a fairly inexpensive choice. However, I'd caution you that textured ceilings trap dirt, are almost impossible to match well when repairs are needed, and are generally less attractive to most future potential buyers than a nice smooth ceiling.

Breadboard panels are fairly inexpensive and easy to install. You can search for "beadboard ceiling popcorn" and see several blogs and even a video with how to and pictures.

Some people use hardwood or laminate flooring. The beadboard is certainly one of the least expensive options, but it will create a country/cottage vibe. Any type of paneling would work.

Since it is currently so popular to have molding on the ceiling, it would be super easy to make any pattern you want with paneling and some trim.

Go to one of the big box stores and check out the many material they carry for covering ceilings.

Btw, isn't reclaimed wood more expensive than the new stuff?

How does one tell if their popcorn ceiling is asbestos or not?

gibby3000, you have to send a sample to a lab to get tested - google your state and asbestos to find instructions on gathering the sample and labs to send to.

They outlawed asbestos in 1978. We foolishly put it on the wallpapered ceilings when we bought this house in 1981. Have since removed it in all rooms except one and that's scheduled to get done later this year.

I plan on doing this to my ceiling~

Here is a link that might be useful: http://www.beneathmyheart.net/2011/11/how-to-install-wood-ceilings/

The OP wanted cheap, and well, there just isn't anything out there that is cheaper per square foot than drywall or free DIY labor. Any wood cladding (or faux wood cladding like "beadboard" panels) will be a heck of a lot more expensive than new drywall and paint. Move the furniture to the garage and rent a drywall lift and some scaffolding for a day and you're done. Or just pay a pro. Even if you pay a pro to do it, drywall is still under $1 a square foot.

GreenDesigns, when you say "Even if you pay a pro to do it, drywall is still under $1 a square foot.", does that include mudding and taping? Personally, I find mudding to be the worst part of the process. (Ok, it's the re-applying, sanding, trying to get things smooth part that's the problem.)

The v-groove that Beneath My Heart and The Lettered Cottage used is only .64 a sq ft

Here is a link that might be useful: http://www.lowes.com/ProductDisplay?partNumber=304510-17587-PNVG0802&langId=-1&storeId=10151&productId=3056263&catalogId=10051&cmRelshp=req&rel=nofollow&cId=PDIO1

This is the same stuff stained on a wall.

Right next to interior barn doors this is my latest obsession :)

Here is a link that might be useful: http://creativelittledaisy.typepad.com/creative_little_daisy/2011/12/palletless-pallet-wall-how-to.html

"Can't do either (aesbestos and don't want a plain white ceiling)"

I just wanted to point out that even if you stick to scraping off the popcorn or drywalling over it, you don't have to have a "plain white ceiling." Do a Google image search for "creative painted ceiling", "faux painted ceiling" or "cloud painted ceiling" and you come up with these options (and more)!

Or drywall and add ceiling molding for interest:

But if you really just want a different way to cover the stuff and avoid drywall, I like the look of beadboard or the Armstrong ceiling planks, too.