I think environment plays an important role in the education of a child, but it is not as complicated or as expensive as one might think.
First, you need an environment that is fairly well organized. If you cannot find the glue when you are doing an art project or when getting to your math segment requires a massive math book search (ask me how I know about these things-LOL), it is hard to provide a good education for a child.
We got rid of television and used our tv/vcr (now DVD) for educational videos and an occasional entertainment video. We limited the amount of time spent on this activity, though.
Board games and card games are inexpensive and fun to do for family time. My little ones learned colors and numbers playing Uno. Teachers tell me they can tell which children have and play board games at home and I believe them.
Different types of puzzles to help them learn to develop their spatial reasoning. Also, we did splurge and get some math manipulatives and science experiment equipment.
Books. My children considered a good book to be a treasure as a gift. When they moved out, their book collections were the first thing they packed. We also let them each subscribe to a magazine so they would get mail, which was fun. Library cards are free and you can go and get a fresh supply of books every week or two.
Craft supplies. Crayons, markers, glitter, glue, colored feathers, old catalogs and magazines, We also eventually got them each a sketchpad and drawing pencils, pastels, ect. And for awhile, we did ceramics at a local craft shop as a family. There is a good basic book on drawing by Bruce McIntyre that is not super fancy or expensive, but has good information. Also, books from the library on drawing were good when we were working on this.
A good reference section. We bought a used set of encyclopedias from the library for twenty five dollars and also had a couple of dictionaries (a children's dictionary and one that was harder), a thesaurus, a current world atlas, a historical world atlas, and a "History of the World" book. We had other books in there as well, depending on the children's interests.
Music. Music was an important part of our environment. I bought the classical kids collection and some Wee Sing stuff to start out with. We listened as we rolled along in the car and also at home. My mom gave us a piano and the children learned how to play it. They both had the opportunity for lessons. The oldest child took to them, the younger one did not, but taught herself to play when she was around thirteen. I usually had classical music playing softly in the background as we did our schoolwork. It kept distractions to a minimum.
We also had other fun stuff. I gathered various outfits from garage sales and assembled a dress up trunk (I had two girls) for imaginative play acting. They loved those little perler beads and growing crystals. I sew and they each learned how to do that, but neither of them like to do it.
I think the biggest deal was getting rid of the tv and doing other stuff with the time we freed up from that....