Hi mate, just though id let you know im upgrading on your budget, here is my current spec :
Intel Pentium Dual-Core E5200 "LGA775 Core 2" 2.50GHz (800FSB) - Retail (£58.74)
ATI Radeon HD 3850 Pro 512MB GDDR3 TV-Out/Dual DVI/HDMI (PCI-Express) - Retail (£54.04)
Gigabyte GA-EP31-DS3L, iP31 Express, S 775, PCI-E (x16), DDR2 1066/667/800, SATA II, SATA RAID, ATX - Retail £47.58
GeIL 2GB (2x1GB) PC2-6400C4 800MHz Ultra Low Latency DDR2 Dual Channel Kit (£27.01)
Total : £182
The E5200 will O/C well on this board (as it is the trimmed down version of the P35-DS3L). Im thinking of buying an antec cooling fan for my proccessor so i can O/C to 3.5GHz. Anyway hope i helped