I myself don Rico recently got a FENDER STARCASTER (like a SQUIER except it is Chinese-made instead of Japanese-made), complete with a 10w amp, cords, straps and strings for under $200 USD...

Then I bought myself a BOSS OS-2 Overdrive / Distortion pedal and a DUNLOP "Cry Baby" wah-wah-- Same one that Jimi used to play...

I have been practicing 1-3 hours every day, learning chords and leads and keeping time, etc...

... But it is SO MUCH FUN to just turn EVERYTHING up to "11" and whang on the whammy-bar with the fuzz and the feed-back and the wah-wah and just make cool noise until my ears are bleeding...

... And I don't even smoke pot any more!!!