"Cheap can be good"... "Everyone learns on a cheapo..." "Yadda-Yadda"...
All true and sound and well and so on...
BUT (and it is a BIG butt):
The key here is the "can" (not one of Tomato Soup though).
I bought a jolly number of very playable cheap guitars off ebay (among them my favourite, a black Stratcopy by Stagg for about 30 Euros). And one of my main "strumming around and trying new stuff" babies is a cheap nylon straight from the supermarket.
I also got a nice looking Paula copy from the 'bay. Friend of mine took it to a luthier he knows who (out of the idea "Everything is playable if propperly set up") tried for hours to turn it into something useful. Well now I have a guitar that bears the lable "worst piece of crap in guitarshape". Can't be done...
As a rule (well mine at least) you could say that the chances of having fun with a cheap piece of wood are bigger if it is a nylon one and smaller if it is steel...
Only thing you can do is try out the thing. And later try something better. But DON'T try any dream guitar... It will leave you longing and longing and longing and spending way too much money on mediocre guitars to try to ease the longing... and then your house will be filles with guitars and your girlfriend will yell at you "can't you take me out to dinner instead of buying ANOTHER guitar, you eejit?"...
Sooo... to cut my first rambling on the forum short: YES YOU CAN! (but only maybe)
If its no fun at all, don't try to sell it, set it on fire!
Cheers,
Thistles
P.S.: A good semiaccoustic for 200 bucks is a tough one... I've seen White Falcon copies on ebay for about that much, but I'd rather try those out before I buy... If it's a accoustic with PUs you want, I can suggest the Stagg ones, those are pretty ok and affordable.