I dunno about US prices, but assuming that probably gets you about £150 pounds worth of stuff (exchange rates don't apply with hardware, I think, US is cheaper) I would imagine that you will get SOMETHING for that. Probably a Duron or Celeron with some kind of cheap mobo and 256MB RAM. I dunno, maybe I am being stupid because I don't know US prices, but I have bought a motherboard chip and RAM for about that here, but it was low end kit, believe me.
You will probably be looking at 256MB RAM, some jetway mobo, and with that you MAY be able to stretch to an OK processor like a better Semperon, Celeron or you MIGHT even get a low end AMD 64 cpu. Try to get a good CPU if you can, because you could always upgrade memory and then finally motherboard after that in later stages. If you are on a budget (which I well remember being on, believe me) then try to think long term. This is not the first upgrade you will be getting, so try to plan it that way.
Someone here who actually lives in your country will be able to tell you better, but I am sure you will get SOMETHING for that.