Absolutely. You can invest in mutual funds at American Funds for as little as that. They also have a very cool website where you can research their different funds and see what kind of returns each fund has. You will need to call a financial advisor to make the purchase for you at American Funds. But once the initial purchase is made you can purchase thru the website.
T.Rowe Price has some really great funds but their min. investment is $2500 ($1000 for an IRA). Also you can join Sharebuilders.com through ING and make your own stock purchases if you are interested in that kind of thing.
Precious metals is another way to go and you can buy an ounce of silver for around $30 plus commission (I haven't checked the spot price today so not sure on the per ounce cost).
The important thing is to start somewhere, even if it is just a savings account.
Good Luck Flaura78!