I know this is called Kinetic Text, but I don't imagine one does this in powerpoint. What tools would I need to learn to get this done? I'd love if they were open source or low cost.
A great solution that I used awhile ago for a project was Adobe After Effects. At the time I was using CS4 but when I needed to watch tutorials I would go to You Tube and search for some. Just know for a really good quality minute video can take months to complete.
This video I loved when I was looking at doing one.
You could use adobe after effects. It is easy to learn. Try with the lynda tutorials, or look for videos on youtube.
Music/sound is a different story. I have not seen one kinetic typography that doesn't have a good harmony between its audio and video and their message.