This is my theoretical build =o
Motherboard:
ASUS P5QL SE - budget, but probably the best budget one out there. Could still achieve a nice overclock or upgrade and keep this in the future.
CPU:
Intel Pentium e5200 - the best bang for buck, and overclocks like a dream. For whatever reason, this is currently cheaper than the much weaker e2xxx series, even though it is more powerful.
Graphics Card:
Radeon 4670 - Beats the old 3850 while still built on 55nm and doesn't need an external power connector, great =o
Hard Drive:
WD 500GB - Chose this because it's on special offer.
Power Supply:
Coolermaster 460W - The biggest rookie mistake in building PCs is getting the cheapest possible power supply - you
do not do it. Every single component relies on being fed clean stable power.
Memory:
Kingston 2GB stick - Will be slower running in single channel with 1 stick opposed to dual channel on 2, but again, I'm a begger at this point