Confidently. I can't tell you how many times I botched up an initial meeting with a client by not putting on professionalism when giving an estimate. Even if you're blowing numbers out of thin air - make sure you always keep some estimate around. That said, be careful not to estimate yourself into a hole. Different things take different amount amounts of time, effort and resources to put together. Here's a good way to do it:
Them: How much will it cost?
Me: It depends on what you want me to do. Generally, I start this sort of project at around $X.