I use rechargeables in my Light Cannon, I think I got 8 C cells and a recharger for less than $60. I just checked the pricing on amazon for what I have, it is now:
Rayovac C cell 2200mAh NiMH 2-pack, $10 (x4)
Rayovac Universal Charger $18
I highly recommend this kit. The charger will work for AA, AAA, C, D, and 9volt, and it will recharge Alkaline, NiCd, and NiMH.
When you consider that you'll spend around $10 a pop for a set of disposables, it's obvious that you don't have to do too many dives before the rechargeables pay for themselves (even if you get 2-3 dives out of a set of disposables). With these numbers if you use your light on more than a dozen dives a year you're past the price break, and that's not even considering the additional savings if you use the charger for other battery sizes as well.