iTunes just launched its own $5-or-less movie bargain bin, and there's also some choice cheapies on sale at Amazon's On Demand service. Get 'em while they're hot!

Apple TV Junkie has the scoop on the new "under $5" page on the iTunes movie store—the cheapest for-purchase iTunes movies are typically $9.99—and there are some pretty solid titles on sale, especially for Ah-nold fans. (Of course, there's no greater bargain than the free movies on Hulu and Joost, but you'll have to sit through commercial interruptions—and that's not really the same now, is it?)

Among the bargain iTunes selections (all for $4.99): "Terminator 2: Judgment Day" ("Come with me if you want to live"), "Total Recall" ("Consider dat a divorce!"), "Red Heat" (which I saw in the theater, but can't remember a thing about it), and "The Last Action Hero" (ditto).

Also on tap at iTunes: "Basic Instinct" ("I said Hoberman!"), "Air America," (zzzzzzz), "The Karate Kid" ("Wax on, wax off"), "Air Force One" ("Get off my plane!"), "St. Elmo's Fire," and "A Guy Thing."

Not bad—but not exactly a huge selection. So I moseyed on over to Amazon's On Demand store to poke around for more bargains.

The cheapest movie I'd actually heard of? "Brainscan," an Edward Furlong (speaking of T2) stinker from 1994, for just $2.99—yes, to own. Also for $2.99: "The Champ," a 1979 boxing weepie with a pint-sized Ricky Schroder. Hitchcock fans can get a thrill out of "Stage Fright" for $3.99.

Got $4.99 to spend? Then how about the original "Austin Powers: International Man of Mystery"? Or "The Exorcist"? Amazon also has "T2" for $4.99—or, if you don't mind upping the ante to $5.49 (yes, I know, we've broken the $5 limit), you can choose from "The Blair Witch Project," "Dark City" (awesome sci-fi brain twister), "Eraser" (Arnold again), "The Fugitive," "The Matrix Revolutions," and "Outbreak." Nice.

Have other online movie bargains to share? Post 'em below.

Related:
Apple Offering Great Movies Under $5 [Apple TV Junkie]