definately see a physical therapist before attempting any kind of training. You can really fuck yourself up if you already have a bad back.
I slipped a couple disks in a wrestling match that still bug me from time to time too. I went to a therapist and did lots of band work, a rom cst machine?? (i think that is what is was called) and lots of other b.s. for three months.
With the band routines outlined, massages, certain stretches and minor chiropractic work by the therapist, my disks slid back in to place after about a month or so. Surgery was an option, but I wanted to try other methods first.
Once re-aligned, i was able to weight train again, but only on the therapists regimen designed to re-strengthen the muscles supporting my back.
I'd say recovery took about a year.
I can now train freely, I am just very careful about form and still hit my back pretty hard to keep the muscles strong.
My back feels agitated from time to time though, especially during the winter, in which case I take it easy for a few days.
Any ways, to sum up, see a therapist. If you don't have insurance, convince your parents to shell out the money. It may be expensive but it will be worth it.
Don't try to ignore the injury, you'll only make it permanent.