I suppose the two most useful tools are the milling machine and the centre lathe. With a lathe the work rotates and the tool is brought to bear on it with a milling machine the tool rotates and the work brought to bear on it.
As stated the mill is basically a precision bench drill so can be used just as a drill if need be but with the precision cross vise base table and the various cutters it can shape metal. Its best looked on as the metal equivalent of a wood router. You can get all types and shapes of cutter same as a router you're not limited to mounting the workpiece in a vise on the table you can use T bolts in the table slots to secure near enough anything you want.
Everyone's seen a centre lathe it usually comes with a self centering 3 jaw chuck but you really need an independent 4 jaw chuck and a face plate as well to use its full potential so you are then not just limited to using round or hex bar.
You can just work by trial and error from scratch with either machine but you're bound to make a lot of mistakes. Different metals need different cutting speeds different tool angles etc. I hadn't used a lathe for 30 years since school and college when I bought mine last year but soon got back into the swing making bits for the bike, just cosmetic, nothing load bearing, wouldn't like to replace anything that is critical with my limited knowledge. One piece of aluminium alloy looks the same as another but the specs can be totally different so you've got to know exactly what you're using and doing.
There are quite few books out there on metal turning and milling and reading one will give you enough knowledge to make a start, you pick up more as you go along as to what works and what doesn't as long as you've got the basics to start with.
Lathes are classified by their centre height - (distance from the machine bed to centre of the chuck which x2 gives you the maximum diameter you can work with) and useable length of bed which gives you the max length of your workpiece. Mines only 4.5"(9" workable) x 12" a budget model but its been OK for everything I've wanted to do up to now and you're not limited to just metal, if you want to you can use it for plastic, wood etc which I've done on many occassions making patterns and suchlike to save wasting metal.
If you did want to get into metalwork you might consider the growing number of combined lathe/millers, the two combined into one machine is very versatile .
The possibilities are endless as to what you can actually make or do with them the only limiting factor is your imagination, if you so desired you could even make copies of the machines themselves, self perpetuating so to speak. I've just been making bike bits but I've got a few other ideas on the go as well such as a fairly large scale bike model and suchlike and done the odd mod for things in the house.
Sorry but I've got no idea as to US prices or what's available there.
edit- sorry missed this link - saw the big muthas but not this one of Joe's
http://www.harborfreight.com/cpi/ctaf/Disp...temnumber=39743
://http://www.harborfreight.com/cpi/ct...=39743
It's a small machine but reasonably priced maybe an ideal starting point for experimenting to see if you can/want to get into it before moving up to something bigger and more expensive.