My daughter is 5-2 and I have her fit pretty well on an XS Giant OCR 3. I don't know if they make them any more, but new they were about $600. I saw a "like new" one (really) go for $350 recently. So look for a compact type frame in an XS with Tiagara or Sora components and you might find a fit in both aspects (price and, er, fit).
The thing about my daughter is that she threw toward her mother's genetic side and they both have short-ish legs for women. Which means they have long-ish torsos. You might be on the other end of the spectrum from what it sounds like. I think their cycling inseam is like 28 inches or so. Which means they have a better chance of fitting a man's frame than you do. You might really need a women's specific design (WSD). But it's worth a try.
Acually, if I had it to do over, or if I thought it actually made a difference in my daughter's interest in the sport, I'd look for a WSD bike for her because it might be easier to get an excellent fix.
Last edited by Camilo; 05-12-09 at 12:46 PM.