O.K. so I have this really cheap bass that I practice on constantly. It is really a workout on my hands because it is such a bitch to play. I think it that the action might be too high (it is a crappy $100 bass) even though the neck is straight and I dropped the bridge saddles as far as they will go, the E string is about 1/8 of an inch above the 12th fret... it is still murder on my left hand. I'm a poor college student so this is all I have to practice on. An inexpensive fix would be greatly welcomed. Thanks.
The neck isn't supposed to be straight, it should be bowed a bit to prevent fret buzz (as the vibration of the strings is wider in the iddle than at the ends), also, a lot of instruments need a neck angle to get the best action possible, which I'm guessing such a cheap bass's manufacturers wouldn't bother with. The only way to fix a bad neck angle on most instruments is to do shims in the neck pocket, which I have no idea how to figure out the right way to do. There may be a tutorial online that could help you, or you could give in and take it to a shop, I don't think it should be a really expensive procedure.
Dunlop Straps™
The best sounding straps on the market

Quote by steven seagull
Justice is this, justice is that...justice is 9 minutes long and recorded in a cupboard full of fluffy pillows
Hard to judge without having actualy the bass in my hand but it sounds more like poor quality then a matter of adjusting...

Yes like previous poster says it shouldn't be 100% straight. You might be able to adjust that with the trusrod.
To Be is to Do -Socrates-
To Do is to Be -Sartre-
Do be do be do -Sinatra
What I meant to say was that the neck wasn't overtly bowed or something like that. It is straight w/o fret buzz.
Take it to a professional and let them sort it out

I took my bass to a music store, they lowered the action, didn't cost me a penny.
"Aww what’s the matter? You’re the one who started this game. Now you’re losing and you don’t want to play any more."