Thanks for all of your comments, just the useful ones ;-/. Well I have been put in a very fortunate position. I received two compressor pedals for my birthday. One is going back. I am going to combine the dosh from that with my £35 to get an, erm, guitar amp. Y'know, one of those that go with an evil 6 string guitar thingy! Fairly certain it's going to be a Blackstar HT1R.
It's amazing the time people take to give advice on here, and I have to say, I already have most of the things people were saying. The one I need to get better at using is my book "Aerobics for Bass Guitar".