As I say to people on another thread with 300$ budget. Buy my QEUW.com for 300$ wait for ten years. You will get amazing ROI. oh wait you short 100 bucks. Sorry but you can borrow from someone around here.
Buy my fantabulous affiliate marketing eBook. It's only $199.99 plus you even get free shipping.
Here's what I'd recommend on $200...
First, think about 5-10 niches or topics that you'd like to work on. I mean, something that you think you could write an article every couple of days -- constantly. Start with one domain & hosting account ($10 annual + $4/month hosting). Setup wordpress, re-theme it, add some plugins (like SEO for Wordpress, etc). Start writing. Get yourself plugged in to the blogosphere on sites like Technorati, Bumpzee, MyBlogLog, etc. Start writing. Add new content at least every 2 days. Make the content interesting and useful, and best of all controversial. Create controversy.
Give that blog a week or two, then add another one ($10 annual + $4/month). Do this every week or two until you've got about 5-10 blogs that you're running. Keep them all updated constantly. Build linking relationships with other blogs and sites in your niche / topic.
It might take 3-6 months for the traffic & revenue to start coming in, but on a budget and with relatively little experience, this is a pretty easy way to get in the game.
Someone chasing after this scenario would require a lot of creativity, especially if you're running 10 blogs that requires consistent content updates weekly.
Carpal tunnel much?