Meritline offers this 3-in-1 Laser Pointer / Flashlight Keychain for $2.99. Coupon code "MLCKR07VNL1" drops it to 95 cents. With free shipping, that's tied with our fall mention and the lowest total price we could find for any such flashlight by $8, outside of the mention below. It features a red laser and LED flashlight. It's available in red, blue, white, gold, or black, but color selection is random. Expect this item to take two to three weeks to arrive. Coupon expires after 400 uses.

Update: Among other eBay sellers, HKpowerstore via eBay has a similar one in Blue (pictured) or Green for 99 cents with free shipping.