So, let me see if I understand this:

You bought a cheap rear wheel, and it died on you. And now you want to do it again? What makes you think that you'll get a different result? I believe that's one of the definitions of insanity.

The most important and non-negotiable part of a fix is the rear hub. This is the place where you need to make a good investment, as you've just discovered. Campy (my choice), Suntour, Phil Wood, even Sh*tmano (I can't believe I just said that!) are where you want to look. Yes, even a used Campy hub can run you $100 on eBay easy, however, mine were made in 1975 (yep, that's 30 years ago), and they're doing just fine.

Below that, but still quite good are the IRO, NYCBikes, Nashbar, etc 32 hole flip-flops w/ the sealed bearings. You can probably get a hubset for under a hundred. And they can be had in black, which is cool, and makes your bike go faster. Really.

Next: quality cogs! Campy, Suntour, Phil. Get used to the idea of paying 20-30 bucks for a cog. If you can get one of the above-listed for less, good, but if you want to keep your expensive track hub unstripped, you need to use a decent cog.

You live in NY. In case that means NYC, check out some of the messenger companies: there might be a guy willing to sell you a wheel on the cheap while you save up for proper kit.

And when you get your new wheel, make sure the cog and lockring is tightened down all the way.