I'd like to get rid of Satellite TV, but I still want to watch my shows, anybody got answers?

Ok, so I'd like to drop my Satellite TV, reasons are that I hate paying $72 bucks a month for TV when I basically only watch local channels and AMC (specifically Walking Dead and Hell on Wheels). Now currently I have no internet connection nor a home phone, I do have a new HDTV and a Wii. So I guess I'd just like some help on working out the kinks, for instance I was looking at Hulu and its recomended that you have 1.5mbps connection, is that really enough? Is there a sight to go to watch AMC that is free? What does it mean when your only allowed to download x amount of data per your internet provider? What is considered data? And does anybody out there watch TV solely via internet connection and/or Hulu? Any pointers, or suggestions?