The cheapest and most versatile thing to do is to get some dumbbells, a barbell and some free weights to go on them. You'd be amazed at how many exercises you can do this way, for both the upper and lower body. Start off with a small selection with small increments in weight, if you need some heavier ones you can buy them at any stage afterwards.

The only disadvantage with free weights is that because technique is important, you need to get some instruction before you start. That's not hard though, the place you buy the equipment should be able to point you in the right direction.

I can't advise on specific brands, but perhaps somebody else can. If you want more specific advice on an exercise program once you have the equipment, just ask. There's another thread around somewhere that has some information on that aspect too.