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Welcome to the Minimal-ARM wiki!
The original discussions started with some references to "Ghetto development." As near as I can tell, this refers to finding very cheap (and possibly somewhat "overly simplified") development hardware and tools. Perhaps finding dealers that heavily discount, perhaps building your own based on generic components. These are not always the same as the lowest cost components one can find at the usual distributors. Various circumstances seem to lead to certain parts and/or boards appearing on the gray market at especially good prices.
Most of the actual code here was written for the STM32F103c8t6, which can be purchased for less than $1 in rather small quantities, and slapped on a QFP adapter (also less than $1) with very few additional components to give you working hardware. Also, numerous eBay sellers offer a ~$7 "minimal development board" for this chip that is a pretty good starting point for experimentation.
But here are some other suggestions that have come up for especially frugal ARM hardware: GhettoHardware