I recall reading a few months ago about how to preserve photos but can't find the article now. From what I remember, I would not recommend laminating.

Did you know this is National Preservation Week. Article in this weeks Parade states:

"Have old photos scanned and copied, then store the ORIGINALS IN MYLAR SLEEVES IN ACID-FREE BOXES IN A CLOSET. Sticky-back album pages can damage photos."

Your quote "the cheapest way to protect pictures". Cheap and protect really don't go together. You need archival quality products. Good luck