Yup. A 360 can be had for around 200 bucks USD, less if purchased used or aftermarket. That same amount will buy a graphics card that can just barely play the game.
 

With my Phenom II and 550 TI I can play 1280x1024 @ ultra settings just fine, about 50FPS on average. So I'll use that as a guide. And I can probably get you a better video card than mine, (I'm swapping out my 550TI myself soon for something better)

CPU- Phenom II 965 $110
http://www.newegg.com/Product/Product.aspx?Item=N82E16819103727

Mobo- Asrock Extreme 3 970- $85
http://www.newegg.com/Product/Product.aspx?Item=N82E16813157280

RAM- G.Skil Value series 8gb- $40
http://www.newegg.com/Product/Product.aspx?Item=N82E16820231422

Video card- Sapphire 6870 $160
http://www.newegg.com/Product/Product.aspx?Item=N82E16814102948&Tpk=sapphire%206870

PSU- Corsair CX500v2- $50 with rebate (even less with 15% promo code currently available)
http://www.newegg.com/Product/Product.aspx?Item=N82E16817139027

Optical drive- $20
http://www.newegg.com/Product/Product.aspx?Item=N82E16827135204

Case- Elite 430 $41 with rebate
http://www.newegg.com/Product/Product.aspx?Item=N82E16811119227

Total:506

Optional CPU cooler (for overclocking)- CoolerMaster 212+ $30 with rebate
http://www.newegg.com/Product/Product.aspx?Item=N82E16835103099

Price doesn't include monitor, OS, keyboard, mouse or hard drive.

Hard drive will cost you another 60-100, Windows7 runs about $100, mouse and keyboard, maybe $20 each for decent ones?