In reply to RachaelH:
I like staying at the Riverside Lodge in Ouray. You can rent Cabins there for $30 a night. They are very basic, but are heated and can sleep 4. While you are there, do not miss the hot springs and if you are there early season, do some of the stuff in Silverton.
In reply to Anonymous:
Vail is very expensive.
Other options at Ouray are to rent a lodge at the Ouray Victorian.
It's far too cold to camp.
If you're near Silverton do Stairway to Heaven, a lovely multi-ptich WI4.