The 460 is a little better than the 550 TI, but not by much. Between the two of em, well lets say I've been tempted more than once to swap my 550 TI with Max's 460 and see if he notices. Although you might consider a 6850 or a 6870, they cost a little more and they're better than both of them.
Where does it say AM3? I understand it's an AMD processor, but if AMD processors are only AM3 then what processor supports FM1?
THanks for the other suggestions, though.
The only thing I don't like about your suggestion is that while they're the main components, I don't have a computer case, DVD-ROM, or HDD which I still need to buy from my friend. I didn't say he's just handing out 1TB drives.
I'll consider this, but the price will be more along the lines of $600. Still, it would be cool to own a GTX 560 TI. It's an impressive card.