Here's what I'm thinking for my rig.
nVidia GeForce 7600 GT - $169
AMD Athlon 64 3200 - $100
MSI K8N Neo4-F Socket 939 NVIDIA nForce4 ATX AMD 74.99
Western Digital Caviar SE WD800JD 80GB 7200 RPM 8MB Cache SATA 3.0Gb/s Hard Drive - $45.99
ONY Black 16X DVD-ROM 48X CD-ROM IDE DVD-ROM Drive Model DDU1615/B2s $19.99
FSP Group (Fortron Source) AX450-PN, 12cm FAN, version 2.0, 2 SATA, PCI Express, 450W Power Supply $51.50
COOLER MASTER Centurion 5 CAC-T05-UW Black Aluminum Bezel, SECC Chassis ATX Mid Tower Computer Case $44.99
Patriot Signature Series 1GB (2 x 512MB) 184-Pin DDR SDRAM Unbuffered DDR 400 (PC 3200) Dual Channel Kit System Memory - $79.75
total: $586.21 + shipping
The only things i'm missing now are a soundcard, mouse, keyboard, and speakers. I can come up with a mouse and keyboard pretty easily but if you guys have an suggestions for a decent soundcard and good speakers i'd appriciate any suggestions.