Buying a cheap mp3 player and a camera with $200 seems like an impossible task, but it actually isn't. I guess it all depends on the experience you had with different brands, but I always recommend the brands I've been happy with until now.
I have a Canon S2 for about two years now and it worked flawless, this is why I would recommend you to buy a canon, and I've seen Amazon features a promotion for Canon PowerShot SD770 for about $160, which would be a perfect choice given that it has image stabilization too (see first source).
As for mp3 player, I'm pretty happy with my Sansa m250 (has 2gb) and it costs about $35 via amazon (see second source).