I will not give you a complete build as other users would, but I can give you a general idea of what you need.

Required Components:
-Motherboard
-Processor (Must be compatible with Motherboard socket)
-Video Card
-Power Supply (Must be good enough to power the components)
-Optical Drive
-Hard Disk Drive / Solid State Drive (Go for HDD because of your budget)
-Case (Not necessary, but recommended unless you're crazy)
-Memory (RAM)

Software, Peripherals and Recommended Components:
-Operating System (Windows, Apple or Linux)
-Anti-Virus (Microsoft Security Essentials and MalwareBytes' is a perfect setup)
-Monitor
-Keyboard
-Mouse
-Cooling (Fans are vital but some will come with the case, extra is your choice)
-Network Card (Only if you're not using Ethernet cables)
-Sound Card (Only if your motherboard has poor on board sound)

Tools:
-Basic Screwdrivers to secure components.
-Anti-Static straps are not required but you have to be careful if you're not using them.

As I said, I will not directly recommend any hardware or tell you what to buy because that's not what I ever do on forums, I'm sure someone like r00t will help you with that when he's online, if you don't understand the construction of a PC then you could start by taking a look inside an already built one and trying to identify the components and how they're secured if it's your first time, other than that watch the following tutorials.

Part 1:
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Part 2:
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Part 3:
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If you don't have a clue how to build a pc and don't have much knowledge about the parts then I'd suggest not trying to do it yourself. There are plenty of people out there that build pcs as a hobby and will do it for cheap and not much profit at all. The best places to look for these people are eBay and Craigslist. Be careful though so you don't run into some type of scammer. Only use Paypal for payment.

Slendy wrote If you don't have a clue how to build a pc and don't have much knowledge about the parts then I'd suggest not trying to do it yourself. There are plenty of people out there that build pcs as a hobby and will do it for cheap and not much profit at all. The best places to look for these people are eBay and Craigslist. Be careful though so you don't run into some type of scammer. Only use Paypal for payment.

I'm not being nasty, but that's the completely wrong attitude to take, if everyone took that attitude then nobody would ever learn anything, if he tries then he'll understand computing in no time.

If you don't want to build it yourself, nobody should push it on you. You can always ask a friend or family member who knows how to do it for you or take it to a shop and ask if they'd be willing to assemble everything.