Maybe not ultra, but close. Just turning off shadows and anti-aliasing can make a huge difference.
PCPartPicker part list:
http://pcpartpicker.com/p/2KdDy
Price breakdown by merchant: http://pcpartpicker.com/p/2KdDy/by_merchant/
Benchmarks: http://pcpartpicker.com/p/2KdDy/benchmarks/
CPU: AMD Athlon II X4 760K 3.8GHz Quad-Core Processor ($89.98 @ OutletPC)
Motherboard: Gigabyte GA-F2A75M-HD2 Micro ATX FM2+ Motherboard ($44.99 @ Newegg)
Memory: G.Skill Ares Series 8GB (2 x 4GB) DDR3-2133 Memory ($69.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($59.66 @ OutletPC)
Video Card: XFX Radeon HD 7770 GHz Edition 1GB Video Card ($89.99 @ NCIX US)
Case: Thermaltake VL80001W2Z ATX Mid Tower Case ($45.98 @ Newegg)
Power Supply: Corsair Builder 430W 80+ Bronze Certified ATX Power Supply ($44.99 @ Newegg)
Optical Drive: LG GH24NSB0 DVD/CD Writer ($14.99 @ Newegg)
Operating System: Microsoft Windows 7 Home Premium SP1 (OEM) (64-bit) ($89.98 @ OutletPC)
Total: $550.55
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2014-01-30 11:32 EST-0500)