Good advice from Ian.
The main thing is whether you just want a boat to impress the locals at the lake, in which case get a small boat, big engine, run on your own and turn slowly.
If you want to race (and why not - if I can lose, anyone can)

then you need a boat that will keep going. The main difference between Z and the other classes is that they race on different days and at different venues. You get more short races with Z class, but there are only 2 types (standard and modified). AA - D has 5 classes but because of the popularity, only uisually run one race per class (normally 30 minutes).
Now that the engine cost limit has been lifted from the Z classes, the cost of the different classes are similar, but getting more expensive the bigger you go. Some would say that, with the availability of cheap spark ignition engines, this is a cheap way into racing. I would say that, with the higher cost of tanks, pipes, hulls, and running gear, they are all pretty similar.
Probably the cheapest and easiest would be an 'A' class (7.5cc). The hulls are not too dear and a cheap 'sports' engine will give you a FAIR turn of speed without being too difficult to set up.
Of course, once the bug has bitten, and you start racing properly, you will need to get better equipment to be able to compete at national level - isn't this always the case whatever the hobby.
Have a look at the results on the OMRA website to see what's good (they all require some degree of skill to get the best out of), and take it from there. If you need more specific information, PM me and I'll give you my phone number for a chat.
Good hunting
Danny