You can find a laptop with that budget but do not expect any kind of powerhouse. That is the serious low end of the notebook price range. I would stay away from netbooks .....my niece has one and while it it fine for web browsing it is painful trying to do much anything else including any sort of multitasking.
I do not really know of one in particular to recommend at that price but some of these do not look too bad: http://www.newegg.com/Store/SubCategory.aspx?SubCategory=32&name=Laptops-Notebooks
This one would be a good consideration: http://www.newegg.com/Product/Product.aspx?Item=N82E16834115728
No powerhouse but it has a 2.2ghz dual core processor with 4Gb of RAM. Generally good reviews and on sale.
Another thing I might check out would be refurbished Dells. Normally I would not recommend a refurbished computer but a friend of mine had had several in a row with no problems and they have the same warranty as new and are generally quite a bit cheaper.