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You didn't say where you are from. Spirit air has cheap flights from Ft. Lauderdale to Freeport, Grand Bahamas for about $9 to $40 one way. Or you can take the ferry (discovery cruise line, I believe).
Cheap dives? Caribbean divers at port lucaya has dives for $25/tank dive. Start with a set of 4 or 6 dive package, and add one, for $25 each. Gears not included. You can stay at their lodge for about $80/ night, cheaper if you booked through travelocity. We stayed in a condo, 6 of us for a week for about $1000. Get one on the bus route, and you will not need a car. The nice thing about port lucaya is most dive sites are only about 5 minute boat ride away. PM me if you want to hear about the problems with Caribbean divers.
You can find one bedroom condos and efficiencies on the beach near port lucaya for very reasonable rates. Bell channel inn where the dive shop is located will shuttle you to town, or you can walk or take the bus.
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