New to off roading

So I've been off roading a few times here and there, and always had a great load of fun while going out. Now my chance has come to get my own truck. I am being given a Ford Bronco II (not sure what year) for what I know of it the tranny is apparently shot. But a replacement for it is around $300, I'm hoping to take it out once I get it in working condition.

I've been told that if I want to get any type of "fun" off roading out of it I'd probably have to lift it and put some better tires/wheels on it. So currently my older brother is trying to find a set of 38 inch XML Michelin military tires for the bronco.

I've come here to learn the things I have no clue about, the cheapest way to go about doing these things and how to still have fun while I'm at it.

Any suggestions?  

Well, to start, 38" is a lot of tire for a little bronco, although it can be done. You will need to swap out the stock axles as they (the D28 front in particular) can barely even stand up to the dinky stock size tires (one exception is the last half of 1990 models, these will have the better D35 frontend in them although with 38" tires it'll still be marginal. The rear Ford 7.5" you'll certainly want to swap for something better, such as the 8.8").

I would suggest checking out some vehicle-specific sites like www.therangerstation.com and www.broncoii.org for your ride. Almost anything you can imagine can be garnered from those sites about your truck.  

Gotta agree about those 38's being too big and heavy for your running gear.  

As for your question on how to do things on the cheap, the best way to have fun is to take stuff off your truck instead of adding it on.  Trimming the fenders a little (or a lot) will remove some weight and give you some more space for larger tires.  Strip the interior for weight savings and have at it.  With some trimming and some careful wheeling you should be able to run 31's without issue and have a lot of fun doing it.