analog newbie questions...

To start, the difference between the 540 and the 640 is huge. If you skimp here, there is no need to spend money further down the line because you will never realize the quality. Get the 640.
The Ortofon 5 is a decent starter. If you decide to upgrade, you only have to replace the stylus with the 10 or 15 if I'm correct.
Cambridge Integrateds or Music Halls are a great way to start.
Make sure you don't skimp on cables. You don't need to spend a bundle but don't buy garbage and don't buy from a big box store.
Finally, Do you really want to forgo a tuner? I'd rather have a receiver than no tuner at all? Look at Music Hall, Arcam, Cambridge and many more.
Have fun, borrow where you can, buy on Audiogon so you won't take a big beating when the upgrade bug hits you.

Awesome, thank all of you so much for the excellant feedback! Now, in terms of cables, and suggestions there? I've heard that they need to be 1 meter long? True? Also, is the ortofon om5e cart a good match with the 640p? Also, how long/how many plays will the stylus usually last?

If you answer some of the prior posts questions, members will direct down the right path. What's your budget ? What do you already own ?
There is a wealth of info about your situation in the archives as well.
The 640P is a no-brainer for the $. I dig mine. I saw a used one on this site the other day. $110 obo ?
Did you already buy the P1 ? If not, there is a lot of good used stuff out there.
Yes, the cart is a good match, but I'm not a fan of it.
Length of your IC's is irrelevant at this point, most are 1M+. A cartridge life depends on the set-up, condition and how clean your records are, 1000+ hrs.
Myself, I purchased a new entry level TT (MMF2.2) and bought a better used TT six months later for half the price.

Sorry for not answering the questions on budget and what I already own, I got too caught up in asking questions of my own haha. Anyways, in terms of budget, I'm trying to be conservative. TT: $400 - $500, pre: $100 - $200, int. Amp: $300 - $400, speakers: $300 - $500, cables: ??? (suggestions). So I guess all in all around $1500 or so. And no, I don't anything as of now, I have to purchase everything right off the bat. Those are all the things I would need to start spinning records right? A tt, pre, int. amp, speakers and cables of course?

Alright, this shores up the question @ hand. Specifically this site and another one has members with constructive knowledge that can save a person a lot of $ starting out.
A few personal insights or opinions. If you can afford to pay cash for a new car and sell it next year for half of what you paid for it, buy all new audio gear. If not, gently used is the way to go. You get alot more for your money. Pattern your system around your musical tastes. In your case, speakers will determine that.
The turntable is your biggest hurdle. Not done right, your wasting your time. IMHO the cartridge, tonearm and pre are the most important. If the TT holds speed, belt drive vs. direct drive, not that important at this pricepoint. The usual suspects: P2/P3, MMF5 & SL 1200. The technics SL 1200 is riding a resurgence with it's durability and up-grade path.
I'll let others chime in on the amp and speakers, so many to choose from.
Speaker cable (sheilded) can be purchased from a home improvement store. 14ga. is about .75 cent a foot. Decent used interconnects $30, maybe less.
My current system is just a little more than your budget and I feel satified with the performance. Having my turntable set-up correctly, speaker placement & component isolation made a significant inprovement.
I will drop some more names if you don't get enough responses. Goodluck, David-