If you are looking for your first system, more than likely the best thing you can do is go used.
You can by unbelievable used speakers and a 1 year old receiver WHICH is still going to have more features than a current generation new low end receiver.
Think used onkyo 606.
The speaker company has a crazy sale right now, probably the best place to look.
Honestly, people around the web recommend buying used, but I don't really understand it. This stuff weighs A LOT, so that $50 subwoofer you got on ebay is going to cost you $30 to ship. Extrapolate that through your purchases. Now say you get one bum subwoofer.. Or a bum receiver.. What do you do? Ship it back? Sure, spend $20 and waste a week or 2 waiting for a refund! Sure, there's craigslist but then you have to deal with meeting some strange mother fucker in his basement, in the middle of no where. Oye!
I prefer to buy things new (or refurbished), with warranties and free shipping.
For NEW, I still stand by my Onkyo 5.1 as your first system... But, in case you want to go with separate components :
1. The Speaker company - great deals right now, good stuff too! But I think people think they're getting Lexus gear at Hyundai prices... You're really getting Toyota gear at Hyundai prices. I own the stuff. It's good and a great value, but it's not like you're getting $3,000 for $150.
2. Cambridge soundworks has a great refurb/clearance section
3. Best buy's Insignia bookshelves are very well reviewed and great bang for buck (model NS-B2111). To be absolutely clear - INSIGNIA IS BLOODY AWFUL FOR THE MOST PART. This one model is sourced from reliiant, and built very well and has great sound quality, this doesn't mean that all insignia speakers are good. in fact, they're probably all crap.
4. Parts-express.com has finished Dayton subs for as low as $95. This and a polk sub ($99) are great low-budget subs.
5. Look for factory outlets on ebay. Klipsch has an ebay store, for example
6. Open box from stores. Save on shippings, and the deals are surprising sometimes. Receivers are easily found open box.
Here are some bundles that are fairly prices. This is not going to win you Home Theater Award of the Year, but you'll get an entry into the wonderful world of surround sound
http://www.amazon.com/Klipsch-Synerg...9876635&sr=8-5
(+100 Dayton sub plus say $200 receiver = $500)
http://www.amazon.com/Polk-Audio-Cha...9876696&sr=1-1 - own it, love it (+$200 receiver = $416)
Lastly, you'll soon realize that this is much more fun as a hobby. You'll update constantly, not because you have to but because it's fun. Hell, I own a dozen or more headphones. They all sound great. But I want to hear what other headphones sound like. I upgrade constantly not because I have to, but because it's awesome fun!