If you wanted to spend 100-200, you'll need to go onto second hand market big time. if you don't mind a little bit of labour if your ice isn't very thick, it isn't hard to use a hand auger to drill the ice. Take you a couple minutes a hole max. (our ice gets upwards of 30-40" thick, hand auger is a nightmare)
If the weather is decent, and not windy, its not bad to sit outside at all, grab a couple cheapo rod/reel combo's ($25-35)-for a 30" long medium action rod. and some 5 gal pails or lawn chairs to sit/relax on. A used hand auger may hit you $40-60 maybe? I don't know how your US stuff will go. Grab
As far as etiquette, if it's not crowded, don't go set up camp beside anyone, they wont be too pleased. But most people out there are pretty cool if you ask questions when out there, maybe walk out/over to a group and mention its your first trip out and if they have any tips for you. Ask at a local fishing shop what they are catching on for lures at the time/area