V3 stuff does not usually work on V2. They are two different figures, but there are tricks to make V2 stuff work on V3: The "V3 head on V2 body" is mentioned above, that way you can use V2 clothes on V3 but still take advantage of the great V3 face possibilities. There are various utlities out there to convert textures between the two figures as well. Making a V2 texture work on V3 is not vey difficult.

If you're on a tight budget, you should seriously look into the Platinum Club at DAZ. You will get a 30% off all DAZ original products plus a $5 voucher each month. Plus the possibility to buy Platinum Club items for just $1.99 each (lots of V3 stuff there). The Platinum Club is an initial investment, but if you saved up to buy V3 with both head and body morphs (a necessity), the savings on those products alone almost makes up for the Platinum Club investment. Right now, I think you get a $10 voucher just to sign up, but I don't know how long that offer lasts.

DAZ really has a way of sucking us all in, don't they? Offering great products at reasonable prices, making us all addicts, there should be a law against that! ;-)