It's gonna be pretty hard to find a laptop for under $500 that can do those things but I might can find something. The thing is about 1080p playback, it requires a GPU with SOME meat on it, which most $500 laptops dont have. Also, most $500 laptops are 720p, but I might can get you something. I will post back when I find something.
EDIT:
http://www.ebay.com/itm/like/321320717089?lpid=82
But ebay isn't the most reliable place to get your tech but for your specifications, you're gonna have to spend a little more to get what you want.