This is no different than any other budget build thread. If you have any suggestions don't hesitate to put in your own 2 cents. Keep in mind this is a rough draft which I'm sure has a lot of room for improvement. Also, I'm planning to stay 32-bit for this machine so don't bother trying to stick in more RAM.
1x SAMSUNG DVD Burner Black SATA Model SH-S223L LightScribe Support $31.99
1x COOLER MASTER Elite RC-310-BWN1-GP Black Steel / Plastic ATX Mid Tower Computer Case $39.99
1x Western Digital Caviar Blue WD3200AAJS 320GB 7200 RPM SATA 3.0Gb/s 3.5 $47.99
1x GIGABYTE GV-R467ZL-1GI Radeon HD 4670 1GB 128-bit DDR3 PCI Express 2.0 x16 $69.99
1x COOLER MASTER eXtreme Power Plus RS-460-PMSR-A3 460W ATX12V V2.3 Power Supply $34.97
1x LITE-ON SK-1688U/B Black USB Wired Standard Keyboard $6.99
1x Logitech SBF-96 Black 3 Buttons 1 x Wheel USB Wired Optical Mouse $11.99
1x G.SKILL 1GB 240-Pin DDR2 SDRAM DDR2 1066 (PC2 8500) $20.99
1x G.SKILL 2GB (2 x 1GB) 240-Pin DDR2 SDRAM DDR2 1066 (PC2 8500) $39.99
2x APEVIA CF12SL-UBL 120mm Blue LED Case Fan $13.58 ($6.79 each)
*COMBO DEAL*
1x AMD Phenom II X3 720 2.8GHz Socket AM3 95W Triple-Core Black Processor Model HDZ720WFGIBOX
1x ASUS M4A785-M AM3/AM2+/AM2 AMD 785G HDMI Micro ATX AMD Motherboard $176.99
Subtotal: $495.46
1x SAMSUNG DVD Burner Black SATA Model SH-S223L LightScribe Support $31.99
1x COOLER MASTER Elite RC-310-BWN1-GP Black Steel / Plastic ATX Mid Tower Computer Case $39.99
1x Western Digital Caviar Blue WD3200AAJS 320GB 7200 RPM SATA 3.0Gb/s 3.5 $47.99
1x GIGABYTE GV-R467ZL-1GI Radeon HD 4670 1GB 128-bit DDR3 PCI Express 2.0 x16 $69.99
1x COOLER MASTER eXtreme Power Plus RS-460-PMSR-A3 460W ATX12V V2.3 Power Supply $34.97
1x LITE-ON SK-1688U/B Black USB Wired Standard Keyboard $6.99
1x Logitech SBF-96 Black 3 Buttons 1 x Wheel USB Wired Optical Mouse $11.99
1x G.SKILL 1GB 240-Pin DDR2 SDRAM DDR2 1066 (PC2 8500) $20.99
1x G.SKILL 2GB (2 x 1GB) 240-Pin DDR2 SDRAM DDR2 1066 (PC2 8500) $39.99
2x APEVIA CF12SL-UBL 120mm Blue LED Case Fan $13.58 ($6.79 each)
*COMBO DEAL*
1x AMD Phenom II X3 720 2.8GHz Socket AM3 95W Triple-Core Black Processor Model HDZ720WFGIBOX
1x ASUS M4A785-M AM3/AM2+/AM2 AMD 785G HDMI Micro ATX AMD Motherboard $176.99
Subtotal: $495.46