If your budget is really tight, i would suggest this rig if possible......
4gb ddr3 ram
the rig above should run most games at high settings if your monitor resolution is below 1920x1080
Black ops might lag a little
Regarding your setup1 and setup 2,
setup 1 : processor is great for gaming, but that graphic card will make your life miserable
setup 2: Balanced but not future proof, the i3-540 is cheaper but faster than the e7500
i have old lg 17" crt monitor and only go with 1280x720 if this setup can handle it