Lure fishing for trout can be pretty entertaining and rewarding, and offers a good chance of catching quality trout especially browns.

Lures: For lure fishing in lakes and streams, I would have the following short list in my box wherever I go:
Yo-Zuri Pins Minnow: Two 2 ¾" and two 2 ¼" one each in gold/black and silver/green with red and white spots.
Thomas Buoyant: Two 1/6oz gold spoons with red and yellow spots.
Panther Martins: Two 1/16oz and two 1/32oz in the following colors: yellow/silver, black/yellow spots, copper/red spots, and black/silver.
Rooster Tails: Two 1/16oz in white and brown.
Kastmasters: Two 1/4oz in silver and gold/red.

All of the above would set you back a about $50 which isn't too bad. Other lures you might want to bring are super dupers, vibric rooster tails, mini-jigs, rapalas, and (I have to mention it because I caught my biggest trout on one) wham fisheeze. You can never have enough thomas buoyants in the 1/6oz gold and if you have every possible color of the pins minnow in both sizes that is a plus also. The gold kastmaster with the red is hard to find but worth it to look for. The cultiva minnow from owner looks great although I haven't fished it, and Yo-Zuri has another minnow called the emperor minnow, which in the small size looks great for browns.

When to Use What: So once you have the right gear it's mostly a matter of deciding what to use. It's easiest if you break trout water in to the following categories: Big lakes, small lakes, big streams, and small streams. Pretty simple eh?