Honestly, I would ignore almost all the advice given so far, I dont know where people are getting this info, but it is all wrong.
First, Argentina is way cheaper than Chile. Argentina's economy crashed in '02 and they are till recovering. Most things are cheap (wine, food, lodging), but imports are expensive (skis, beacons, that kinda stuff).
If you want to do it super cheap, I think basing yourself in Bariloche would be a good bet. You can stay in a hostel there for under $10 a night, and the touring in the area is so good, you wouldnt even need to buy a ticket most days. Also, the scene in Bariloche is cool, great food for cheap, cool clubs, hot girls.
If you want to checkout other resorts around, there are very cheap buses that you can catch from Bariloche to just about anywhere.
You could dirtbag it down there for about $500/month, and then add a little over a grand for a roundtrip plane ticket.
This stuff is all fact, not random specualtion and rumors like almost all the other posts so far.
Hope that helps.