You can do the majority of classes for that budget. You just need to be looking at the cheaper end of the market and/or picking up decent used kit where possible.
Some classes are of course easier to do on a budget... Mardave V12s are the ultimate in budget racing due to the low cost of parts (there's very little to break, and when it does break its cheap to fix).
If you want to get outside then 2wd 1/10 buggies and stock Touring Car racing can both be done on the cheap (my GFs complete buggy setup cost about £100 second-hand, and her TC setup under £200).
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