My parents house is the same way (hot water heat), but they now have central air (and they still have the old furnace). They did it by putting the blower for the A/C into the attic, then running ducts to the upstairs rooms through the attic. For the downstairs rooms then ran the ducts through closets. They lost closet space, but it works.
Edit: Forgot to answer second part of question about cost. It will cost more than just adding A/C to a home with an existing forced-air furnace because of the additional labor of installing the duct work. However, that cost will vary greatly depending on how difficult it is to do. If they have a very small attic that is difficult to work in, it will drive up the cost. If the closest are all on outside walls requiring more duct work to reach them, it will drive up the costs. It is difficult to come up with even a rough estimate, they will just have to contact local contractors and have them come out to give an estimate (as an aside, it is probably too late to do it before the summer - the contractors will drive the price up even more if they have to work in a hot attic. It might be better to wait until the fall to have it done).