it doesn't have to be expensive.. you can use cheap Radioshack SPL meter as your microphone - it's not super precise, but enough to give you more than general idea.. and it's only about $50 (REW is able compensate for RS SPL meter imperfections)
Rew EQ software is Free...
Like ski2xblack correctly mentioned - the measurements still could be used for speakers positioning and/or adding room treatments
But yea - got the get that final easy process of pin point fixing issues with PEQ you'd need to spend a bit more on electronics, which still btw you should do AFTER you found best position for speakers AND did room treatments.