Inexpensive wine pairings?

I am throwing a housewarming party for 20 around mid January. I am planning to have multiple pasta dishes like Lasagne and Alfredos and was wondering if anyone could suggest the best wines to try and pair up that have good flavor but are also reasonably priced. It seems that everyone wants to contribute a bottle but I would like to keep it to a single red and single white so that we aren't all switching. Any help would be appreciated. Thanks
And here I was about to suggest Thunderbird and Molly Hatchet.
Probably the best pairing with tomato sauces are Italian wines, so with the Lasagna, I would suggest a decent Chianti or Sangiovese (the main grape in Chianti). Check with your local wine shop for a good suggestion as prices can vary, and there are always bargains to be had. I don't know if you have availability in your area, but some very good wines with lots of flavor are Salice Salentino from southern Italy. These are usually between $7.00-12.00.

For matching with Alfredo sauces, try a fuller wine. A fuller Chardonnay would be good. Try for a full wine with good acid (to cut through the thick sauce) and not overly fruity. A great value in Italian wine is the San Gimigniano di Vernazzia from different growers. Good flavor, with a distinctive finish, and great with food.

Good luck!
White - go with "Ballet of Angels" Sharpe Hill Vinyards of Connecticut ($12)

Red - Go with Sterling Vintners Merlot( california ) $15
2 ecx. low cost, can't miss choices....Good Luck!
A terrific wine for Italian food is Amano Primitivo. Under $10 a bottle, and superb.
Lately I've been enjoying a variety of wines from Rex Goliath. The Pinot Noir, Merlot and Cabernet Sauvingion are terrific and the price is right. I'd go with the Pinot Noir and you should have no trouble finding it for under $10/bottle. I can't be of much help with white wines, sorry.
If you want to spend a bit ($12-18) more I can make a few other recommendations on red wines.
Another thing I would highly recommend is to see if there are any wine retailers in your area. If so, they most likely hold a wine tasting every month. This is a very good way to taste a variety of wines before you buy them. Since you've got some time before the party you should be able to attend a few tasting.
Have fun!
For a red, I'd suggest Castillo Perelada -- Tinto Crianza, 2001 (50% Tempranillo 50% Garnacha grapes). About $13 -- very, very good, from Spain. For a white, the Cortenova, Verona -- Delle Venezie Pinot Grigio 2003 is quite good for about $12. It may be tough to find exactly the recommendations so I second Dmcewan's suggestion of finding a wine store with folks who really know their stuff. For example, there are a number of very nice and inexpensive whites from Italy or California -- Pinot Grigios or Semillons. The 2001 Rieslings from Germany are among the best ever so those would also be a find. Enjoy!
I don't have any money for wine after buying all those cardas golden cross cables
A few of my favorite values as a wine professional;
for a red try Badia a Coltibuono Cancelli Toscana Rosso 2003 a delicious blend of 70% Sangiovese (the base grape in Chianti) and 30% Syrah for around $12.00/btl. For a white perhaps a nice crisp New Zealand Sauvignon Blanc, something like Allan Scott Vineyard Select 2004 at about $12.00/btl.However the best advice I can give you is to find a retailer that you trust, explain you situation and get some advice. That way you can begin to develop a relationship with someone who can help you explore a pretty wide world of wine. Speaking as someone who spent about 9 years in retail there are some really great people out there who are enthusiastic wine lovers and who really want to help you learn and enjoy wine more.
For whites: $11 to $13 Great with Pasta
Spy Valley Sauvignon Blanc 2003 refreshing with a "zing" and fruity
RH Phillips toasted head chardonnay 2003 creamy pear, fruity and sweet
For Red: $7 to $15 Great with meat
Columbia Crest Two Vines Shiraz 2002 Have not try yet but it is so good that sold out in most places
Columbia Crest Grand Esate Merlot 1999 med to full bodied. Floral and slight bit of oak and tan. Smooth
Hess select Cabernet Sauvignon 2001 med bodied, juicy and excellent with meal
I think that Chianti for the red would be a very traditional selection as an inexpensive but flavorful Italian table wine. Another favorite would be a Lambrusco, also affordable. If you want to spend some more money, try a good Barolo.

I'm not very well versed in Italian white wines, so I'll keep quiet about that.
2002 Cougar Crest Syrah, absolutely delicious.
White, go with Santiago Ruiz, an excellent albarino.
Red, go with either Pesquera, Ribon, A Alto, Dominio de Atauta, Pago de los Capellanes or Hacienda Monasterio, All of them from the Ribera del Duero region. Happy Holidays
Two Buck Chuck. It makes a bold statement but lacks sweetness on the finish.
Several of my wifes favorite wines are:

"You never take me anywhere..."

"I don't have anything to wear..."

"Other husbands don't have all this Hi FI gear
cluttering the house..."
These suggestions are great, but when you get to the market, they may not be on the shelf.
Find a good wine shop and a well informed sales clerk. Experiment. Have fun.