Yes.
Buy a cheap pre-built from HP or Dell.
Install a good video card.
That's the route I went.
I was able to snag a "scratch and dent" Dell XPS 8300 with i7-2600 for $475 after shipping and tax (and I combined it with buy a $500 dell gift card get a $75 one free, so I have about $100 in gift cards available, so it sorta cost only $400)
Put in a decent power supply (had it lying around, but it only cost like $40), 8GB of DDR3 RAM (which is pretty much free now how cheap it is) and a Radeon 6850 that I got $140 (the same one was just $100 AR from Amazon.com briefly today).
Throw in a 64GB SSD for ~$80 and you have yourself a really nice machine. Mine boots Windows 7 to the log in screen in just about 20 seconds, another 5 seconds or whatever to desktop.
I got really lucky with the dell outlet though, most ones were $100-$200 more. And of course who knows exactly the quality of the parts. The major things that I didn't replace were the CPU and motherboard. CPU is of course fine, so lets hope Dell put a decent motherboard in their XPS line.