when my daughter was around two, i got an eezy peezy climber and put it in our living room. looked around and found one for just over a hundred dollars. it was the best money i ever spent. they can be indoor or outdoor, and i just put pillows down inside in case she fell.

I would personally do an indoor swing, a play tent (simple to make on your own, don't bother buying one), and a tunnel.

I second honeyhaze's opinion. A http://tinyurl.com/swingalong>Swingalong Castle
(bought at a resale shop) got me through two winters with my one- and then two-year-old twins.

Whoops. Little typo with the href. Sorry.

costco sells a tent/tunnel combo for under $30 that my toddler loves. 3 tunnels, 2 tents (one looks like a house). Big hit with playmates also. They scrunch up into a storage sack that fits easily in a closet, a deep drawer or under a bed. I think I've seen a wee teeter-totter and maybe even a slide (?) at IKEA. I know for sure they have indoor swings that look like lots of fun. I'm just too chicken to install one, what with my daredevil child.

I had one of those Children's Factory climbers: Playtime Island -- it was one of the best investments we ever made. Yes, it was pricey, but we sold it afterward. We also had one of those Step2 slide thingies, which I lined up against the climber and configured differently every week or so. Having a lot of indoor play stuff was great, and it certainly was more cost-effective than paying for Gymboree or Little Gym once or twice a week.

We bought the Kangaroo Climber for our son to use indoors during the winter and he loved it. He's 3 now and still uses it. It's easy to take apart but it's a little bulky.

The Kangaroo climber is a good bet, but we're fans of this Little Tikes climber at grandma and grandpa's house: http://www.littletikes.com/toys/hide-slide-climber.aspx

I built a slide to get us thru winter. Used a recycled board (I think it was an old table leaf) and leftover vinyl tile. At first we just used it propped up against the couch, but last weekend I built a structure for it using an old boat or pool ladder I purchased at a salvage store. The whole thing cost about $25 and a Sunday afternoon. It is a hit. There is space underneath for a generous play "house" and a platform large enough for a couple of one-year-olds. I can also disassemble it when we need to calm things down by taking off the slide and the stairs. Here it is: http://picasaweb.google.com/lh/photo/WIF5E1IhuxFEpPU8ct-CGw?feat=directlink

i think either would be fun, anything your kid can climb and play on works, just go with whatever is in your budget

we got the step 2 naturally playful woodland climber from craigslist for only $75 in great shape (normally goes for $250!), our 2 year old loves it, its still outside but we plan on bringing it in soon.

we also got the little tikes jump n slide bounce house, its meant to go outdoors but we have it in our basement family room. it inflates/deflates in a minute. my 2 year old son is a very energetic little guy and in the freezing wi winters we wont be getting out a whole lot (i'm a sahm) so i think it was a great investment to keep him active.