You can pick up a Cobray M11/9 for under $1000 and the S&W Model 76 is also fairly cheap (if you can consider this cheap).
If your planning on doing a lot of shooting, you will find that it costs more to feed a full auto than to acquire one. In that respect, an M-16 with one of the .22LR conversions (like from Jonathan Ciener) is a great way to have fun and retain a little money for other toys.
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