I haven't read that issue, but it is possible to build a basic audio production system for around 400-500 without a display. You will have to use the cheapest parts available. As a result, you will face certain limitations and your system (due to the cheaper parts) might give you some stability problems. Be forewarned. If this is the only way you'll be able to get into desktop digital audio recording, then go for it. You must prepare yourself for a few snags along the way though.
I've personally built several audio production PCs for friends who were on a shoestring budget. Despite the limitations, they were quite happy with what they now were able to do. There's alot that's possible with basic equipment.
Usually you can make do with components that aren't the latest and greatest. You might want to invest more of your money into a decent sound card, preamp, and large/fast hard drive.