Yes, dreaming.

I'd buy a pair of Athena LS-300s for $200/pair or LS-500s ($300/pair) and stick with two channel for now. These tower speakers are very good for the price. Then as you can afford it you could buy Athena LS-100s ($100/pair) for your surrounds and an Athena LSC-100 ($100) for your center. The LS-300s and LS-500s are full range speakers which will allow you to wait a while before buying a subwoofer. The best budget subwoofer is perhaps the HSU STF-1 for $300 and the Infinity PS210 is an admirable performer at $245.

I've finally begun to dream and remembered the Yambeka Audio 5.0 loudspeaker system for $300. Here is a review of this system. I don't think they are as good as the Athenas but you did say cheap and I was able to dream for you.

http://www.yambekaaudio.com/5speak.html

I think Athena is on clearance at Audio Advisor at very good prices