If you've looked at auctions in the past but have been scared off by the high bids, it's time to take a second look. For example, some 1024 square meter plots are going for as low as US$20.
It's easy to bid on an auction. Some parcels go for L$, others for US$. You don't have to be online when the auctions close. You can place a secret proxy bid and your bid will be automatically raised in response to other bids - up to your maximum.
You can take a look at what's on the block and place a bid at
secondlife.com/auctions/