If you computer can handle it purchase the latest edition 2003. Yes, you can just buy powerpoint as a stand alone program. You might want to check out www.creationengine.com they sell educational versions of software to teachers at a greatly reduced price. You can get a student and Teacher edition of Office 2003 for $149 which includes Word, Excel, & PowerPoint.
I didn't see the stand alone PowerPoint application on the creationengine site but MS does sell it. http://www.microsoft.com/office/powerpoint/howtobuy/default.mspx
The retail price is $299.00 and $109 for an upgrade. You may be able to find it at another eductational retail site. There are lots of places that offer educational discounts. try www.pcconnection.com however once you locate what you want to buy you have to call them and ask for goverment sales to get the discounted price.