Ry Cooder recommendation...

Have a listen to "Meeting by the River," an improvised collaboration between Ry Cooder and Vishwa Mohan Bhatt. It won a Grammy for Best World Music Album. 

The two met only an hour before it was recorded. It was unplanned and unrehearsed. Brilliant playing, brilliant interaction between two master musicians.

Bop Till You Drop is still my favorite by Ry Cooder.

Into the Purple Valley and Chicken Skin Music Live (esp. the latter, where he plays nothing but his Stratocaster with some excellent slide work).

The following two titles will not qualify as “stripped down”, but certainly worth consideration:

 

Little Village

Buena Vista Social Club

 

The following two titles are both movie soundtracks and will come somewhat closer to your criteria:

 

Music from the Film Cal

Crossroads

 

Cheers,

Chicken Skin Music - a record that will reward listeners forever.