That is a pretty low ball estimate of what you can get something that will be a worthwhile investment. This is a bit leading, but answering these questions will be very helpful.
-That is more than I have to spend, I'd rather get into the sport with something low end than not get into it at all. Assuming I enjoy it.
Are you in North America?
-Yes, downtown Chicago
Do you have a road bike? If so, whats its quality?
-I don't I use a converted fixed gear to commute
Do you have a gym membership, a community gym, or basic weight equiptment?
-I am a personal trainer by profession
What is your fitness level right now?
-See above. I'm not in the same shape I was when I wrestled in high school, but I am in much better shape than most. I'm working on my flexibility for this more than anything.
What tracks do you have close?
-Chicago velo campus (30min drive)
http://www.chicagovelocampus.com/
The Ed Rudolph Velodrome (30min drive)
http://www.northbrookvelodrome.org/
Kenosha Velodrome
http://www.333m.com/ (for a change in competition, and another perspective when I can make the trip. It's close to my parents house-30 min or an an hour and a half from where I live)