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HITMAN previously said:
the cheapest piece of equipment for me is a pair of running shoes and the sidewalks around town. I find it more enjoyable to run outside and more worth while. Then again im 20 and dont have to worry about impacts on my joints yet 
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You are right on target when you say running is a good base excercise. I am a Diver in the Navy and have been a gym-rat in past and have used cardio equipment. We all come equipped with the best gym money can buy; our own body weight. Running or swimming is great for you and you will find that it strenghthens joints if you ease into it. Additionally, I personally use a system called TRX
Fitness Anywhere® - Home of TRX® and Suspension Training®
I also use the website Crossfit.com
Welcome to CrossFit: Forging Elite Fitness
for ideas on bodyweight exercises. Doing these excercises not will not only get you in shape, but focus on core strength. I do not own stock in any of these companies, they are just a few ideas that I have found that work very well.