your biggest problem will be the sub...The lowest priced musical sub that I would recommend is a used James EMB-1000 but that will eat up your budget. (it doesn't boom...it gives realistic bass).
For speakers, you won't go wrong with used NHT's...L5's are going for $125 or so on ebay, but they need a sub.
For speakers, you won't go wrong with used NHT's...L5's are going for $125 or so on ebay, but they need a sub.