Natural Light Ice tops the list for me. It's one of the few cheap beers I cannot stomach.
Cheap beers have their charm just as a fine crafted beer does. Well, not exactly th same, but...well, you know what I mean. I'll drink them for a specific desired effect - a hurting stomach but a less hurting wallet. That said, I do actually enjoy a few which have already been mentioned. On that list is Shaffer, Carling's Black Label (not down south, though), PBR and Miller High Life - the champagne of beers (so they say...)!!