Corsair 1GB Kit – 103.00
AMD Athlon 64 3200+ Socket 939 Retail – 190.00
Antec Quiet Case – 64.00
NEC Dual DVDRW Drive – 58.99
Seagate 160GB SATA w/ NCQ – 99.00
Microsoft Keyboard/Mouse Combo – 28.99
Samsung 17in Flat Panel Monitor – 259.99
MSI K8N
Neo4 Platinum nForce4 Ultra Motherboard – 139.99
MSI NX6600GT PCI Express 128MB Video Card – 179.9
Microsoft XP Home Edition SP2 – 87.99
Total – 1210.95
All this at ZipZoomFly.com (newegg was too slow)
Depending where you live, there should be no tax or shipping.
IMHO, this system would smoke the Dell, but you'll have to get down and dirty to learn to put all this together. These are pretty much the "best" parts to match that Dell. You could save a few bucks with a smaller HDD, and cheaper video card.