In EVE Online, I have heard if you lose your ship, you have to buy a new one. What happens if you are low on cash when your ship is destroyed? Is there a basic spacecraft that can be used to gather more money, or is it impossible to play afterwards?
When you arrive to station in capsule you or your clone is activated in station you will find in hangar rookie ship (noob ship). If you have no money to buy other ship, you can then hunt pirates on asteroid belts (in high sec systems only) to get at least some isk. But keep in mind, that doing this way you will get very little amount of isk.
Should you find yourself in this situation, the best thing to do is to kill pirates in asteroid belts until you can afford the cheapest "real" frigate for your race and fit it with some very basic equipment.
Then head off to find the nearest "Career Agents" and run through their missions. You'll end up with a number of ships and plenty of money to get you going again. You can run all the races' career agents over and over again, so this is an easy way to get yourself into a destroyer, from where you can work up through the various Security agent levels.
When you dock at a station, in a capsule or another ship, you can press the Board a Corvette button to instantly enter the Corvette of your race (Ibis for Caldari, Impairor for Amarr, Velator for Gallente and the other one for the Minmatar). The button is located above the Undock button and costs nothing to use.