First, the cheapo units the big boxes sell tend to have proprietary cartridges that track at several grams, which is not healthy for vinyl and other living things. At the really low end, Technics used to make a few tables that took p-mount cartridges (much simpler to set up than your standard mounts, but a compromise all around) for maybe $150-200. Don't know whether they're still around. Next up the line are the basic Music Hall ($300, last I looked, which was a while ago) and NAD ($450, ditto), which is a Rega knock-off. Both of these come with cartridges installed (probably pretty close to correctly), so they're an easy route for the neophyte who isn't sure he wants to spend days adjusting everything under the sun. (Granted, that's part of the fun.)
Radio Shack sells really cheap phono pre-amps that will do the job. NAD's own version is $130. Arguably better.
Radio Shack sells really cheap phono pre-amps that will do the job. NAD's own version is $130. Arguably better.