I bought the Singer Knitting Machine for about S$70. It knits in round or flat and is pretty much ready to use out of the box. Just click on the tension holder and thread in your yarn to start.
Starting with the standard knitting in round, you can make baby hats, socks or arm/leg warmers that measure 5" across. Just place the threaded yarn into the circle and turn that crank.
I made a baby's hat by knitting an extra long piece, folding it over into half and sewing the top section into a floret. Really fast and simple.