I was certified (open water) in '98 or '99. I also got my advanced open water and rescue diver certifications, but not dive master (nor instructor). I try to go on a good, week long dive trip each year. Some years I’ve done a couple trips, but there are a few years that I didn’t go (like last year ;-( ).
I think if you can swim (without fins) with your back not bothering you, you can probably dive. Unless you really seek out challenging diving (strong current), diving is not very taxing physically. Except to chase to see something, you usually swim at a very slow pace. You strive to achieve neutral bouyancy, so you’re generally not fighting much gravity underwater.
In my experience, the most taxing parts of diving have been entering and exitting. Entering through surf can be a bitch, and can be exhausting. Prolonged surface swimming to get to your descent point can also be taxing. Long hikes across the sand with your dive gear can also get rough (your back may be an issue here).
Boat diving is generally much easier, but climbing ladders in rough seas can be challenging. More strain on your arms and legs, than back per se.
Dive instruction is not all that expensive. There are usually packages to get your basic open water, with rental gear for about $200. You will need to buy some basic personal gear even if you are renting: mask, fins, gloves, booties. This will also run you around $200 for a decent set.
If you find you like it, and want to start going on dive trips, then you need to make a pretty big initial investment in the rest of the gear: regulator, computer, BCD. Prices vary greatly, but I would expect to pay around $2000 for a decent set. This may seem steep, but the good news is that this stuff will last for many years. Unless you feel the need to keep up with the latest gear, this stuff can last 10+ years.
Depending on where you plan to dive, you can also buy a wetsuit (around $250) or a drysuit for cold water ($1500+). But if you plan to dive in warm, tropical waters, you can get by with just a shortie or a dive skin (around $100).
Where the expense comes in (after buying all your initial gear) is in dive travel. There are lots of great places I can recommend in the carribean and south pacific. I usually expect to pay around $2000 for a 1 week dive trip (maybe more depending on airfare). But dive trips are a great way to spend a vacation. Instead of just hanging out on a beach every day, diving provides a great activity to do during the day - and then you can hang out on the beach !