You're best off with 1 year old stuff. Boards haven't gotten better, and the latest CPU's barely outperform last year's best, while costing 2-4x as much.
I'd go with an Abit IS7 (the old version), which comes with Intel's ICH5R SATA/RAID controller, firewire, and a nice layout. The board cost around $90.
I'd add to that a P4 3.0C, with the Northwood core and 512k cache, because it's a bit more efficient and produces less heat than the newer 3.0E/1MB cache processor.
1024MB RAM would be usefull, if you want more, I'd limit myself to 1.5GB or less due to performance issues addressing 2GB or more on 32-bit processors.
You have to balance size with performance looking at storage, I'd choose a Seagate 7200.7 160GB SATA drive, or possibly two, depending on how much storage you need. I'd make the C: partition around 40GB and store large files on a second partition.
Video cards are a matter of budget. A 9800 Pro 256-bit 128MB would cost you between 175 and 200 dollars and give you a lot of power. But the latest cards are twice as powerfull, for twice the money. Do you need twice the power? No, but if you plan to have a system that still seems fast in the latest games 2 years from now, and have the extra money to spend, a 6800GT would do well (as would an X800XT).
You'll want to consider a good case as well. I don't know how much flash you're into, but generally speaking flashy trashy cases cost as much as midrange conservative cases. If you look at Tom's latest case comparison you'll see for example that the Foxconn appears to be a well built case with a cheap trashy face panel. The original version of the Chenbro X-Spider would probably be a good choice if you dislike doors as much as me, or if you like those cumbersome drive doors the classic Chieftec Dragon (also sold as the Antec 1080) is solid too.
For power I'd go with at least the equivalent of Antec's True Power 380W. If you buy an Antec case and get that power supply, fine, otherwise the Fortron Source FSP350 (also sold under Sparkle Power brand, and Aopen models with the FSP model number) is a great choice. The FSP350 is around $40 with fan control knob (which should be turned up around 1/2 way to prevent thermal override noise) and outputs more than the True Power 380.
That leaves you a modem (if you need one), soundcard (which you don't with that board), speakers, monitor, keyboard, mouse, and printer to choose.
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