Hey nana, does your town have an arts council? They might be interested in sponsoring a fledgling film society. Having an arts council on your side might help when it comes to approaching a local theater to let you show a film once and awhile Also, I can imagine renting theatrical prints might be expensive, so having an arts council and a theater behind you could really help. As for videos, I've heard of ceiling-mounted VCR/DVD projectors, but have no idea as to what they cost.
I live in a small southern town myself, and I have been interested in starting a film society. However, you probably know as well as I do that the biggest obstacle in starting up a film society in a small town is public interesst. Good luck wih any plans you have!