This will be solid at 1080p (medium->high->very high). Probably not ultra
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CPU: Intel Core i3-2100 - $109.99
http://www.newegg.com/Product/Prod [...] 6819115090
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RAM: Crucial Ballistix Tactical Tracer 4Gb (2x2GB) 166MHz - $20.99
http://www.newegg.com/Product/Prod [...] 6820148517
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Motherboard: MSI H61M-P31 - $49.99
http://www.newegg.com/Product/Prod [...] 6813130639
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HDD: WD Caviar Blue 500GB - $64.99
http://www.newegg.com/Product/Prod [...] 6822136769
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Video Card: Powercolor AX7850 1GB - $169.99
http://www.newegg.com/Product/Product.aspx?Item=N82E16814131482
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PSU: Antec VP-450 - $38.99
http://www.newegg.com/Product/Prod [...] 6817371045
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Case: Rosewill Blackbone Black Steel - $44.99
http://www.newegg.com/Product/Prod [...] 6811147023
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Subtotal: $499.93(i3-2105)