My resolution is 1920x 1080 and my left over budget is 125 for VC without the student discount...but if I can pull off the student discount, it will be 150-160...
Being that you are a student, you can get Windows 7 Professional for $30. You do not need to spend $107. Go to: http://www.win741.com/
There you can find Windows 7 Home Edition for $30 but if you click on the small link that says something like "On campus and need to connect to the network?" it will let you get Windows 7 Professional for the same price. I have done it and it works. I have already installed it on my desktop (clean install since I had XP previously).
Also, whatever motherboard or processor you decide on, think about the future. By this I mean, make sure you choose a socket that offers upgradeability. When I purchased my motherboard, it had a socket that was on it's last days and as a result, if I want to upgrade my CPU now, I need to upgrade my motherboard as well.