That's not so much bad lighting, just not that great of anything. Sorry to be harsh. I only got through the first 2 minutes because it was pretty hard to bare. Don't get discouraged by me though, because you guys look young, and that is good! You guys are doing the right thing, going out and making movies, and then asking for help. There's so many people that say they're filmmakers, and don't have anything to show for it.
Although lighting would help you out, you really need to work on your camera work, and story telling as well.
From what I saw there was no story. I'm sure for you and your friends this is pretty funny, seeing Johnny screaming like a girl, etc. But no one else really knows your friends, they would need to know the character to think that it's funny. However there really isn't any character there. I would suggest reading a few scripts (http://www.script-o-rama.com/ has a LOT of them) and the book "Story". Someone else can probably help you in this department more than I can.
I watched about 2 minutes, and with shorts you really need to capture the audiences attention fast. Having a 30 seconds of kids running around across the street with a camera that wasn't even focused on them really doesn't do it. Also don't be afraid to cut, show what you want/need to show to achieve what you're looking for. If it was important to have them across the street for that long you could have cut to some nearer shots to make it more interesting.
Also get a tripod and use it. It looked like a few shots were using a tripod, but a lot of it was hand-held. I like hand-held shots don't get me wrong, but it is hard to do with small camcorders. Also again don't be afraid to cut, long takes are cool when they're highly orchestrated and well lit and timed. Have your friends do the same action/line from a couple of different angles. Watch in movies how they place the camera, and how it moves.
You can get 500 watt halogen work lights for cheap at hardware stores, but they're hard to control the light. A little bit better solution is the lights with the dome reflectors and clips, but even those can be hard to work with (they're top heavy and don't like staying clip to stuff). You can get reasonably priced light kits at
www.bhphotovideo.com. I'm hoping to get a light kit for Christmas, because I'm sick of using shotty hardware lights. To see how to use lights effectively try searching google for three-point lighting, there's tons of stuff out there about it. Also this site has a nice flash example of three-point lighting
http://www.mediacollege.com/lighting/three-point/simulator.html. Mess around with them too, you don't have to follow the formula, just know it so you know why you're breaking it.
Hopefully I was some help and wasn't too discouraging. Good luck with your next project!