After much research, I've purchased a new computer.
I went for a windows 7 machine, which proved difficult to find.
It's a Dell 745 small form factor desktop PC with Windows 7 Professional (Monitor Not Included).
Other key features include:

Intel Core 2 Duo processor
1.86GHz, 2MB Cache

4GB DDR2 SDRAM system memory (expandable to 8GB)
Gives you the power to handle most power-hungry applications and tons of multimedia work

1TB SATA hard drive
Store 666,000 photos, 285,000 songs or 526 hours of HD video and more

DVD/CD-RW drive
Watch movies, and read and write CDs in multiple formats

10/100/1000Mbps Ethernet
Connect to a broadband modem with wired Ethernet

Integrated Intel Graphics Media Accelerator 3000


Additional Features:

8 x USB 2.0 ports, 1 x RJ-45 Ethernet port, 1 x serial communication port, 1 x parallel port, 1 x audio out jack, 1 x line in jack, 1 x microphone jack, 1 x VGA port
2 x PCI slots, 1 x PCI Express (x1) slot, 1 x PCI Express (x16) slot, 2 x external 5.25" bays, 1 x internal 3.5" bay


Software:

Genuine Microsoft Windows 7 Professional 32-Bit Edition
Backup and Restore options built into Windows allow you to create safety copies of your most important personal files, so you're always prepared for the worst


Support and Warranty:

1-year hardware warranty
Recovery partition on Hard Drive

There's room for 8 GB memory upgrade, witch is pretty nice. Although it only 32 bit, I'm thinking of running virtual linux on it, but haven't made any real decisions about that yet.
I can't wait for it to be delivered, I'll be counting the days.

I want one!

You can get the same, but "Refurbished Dell 745" for $318.00 US at Walmart.com.
Thanks to all my research, I was able to purchase mine "New" and not refurbished from a local computer dealer in my area.

Congrats on the new box. Everything looks good, but a couple of things caught my attention

Depending on the model, the difference in price between a Core 2 Duo 1.8ghz and a Core 2 Duo 3gz is only 10$ or 15$. Why wouldn't you opt for a unit with a faster clock speed?

Also, there is no difference in price between 64bit and 32bit Windows. Since the Core 2 Duo is based on 64bit architecture, why go with 32bit Windows 7?

Feb 14th is a long wait.

All good arguments, but the price point was what fit most with this machine.
I can make changes later if I wish, although i don't think i will.
It's a much better unit then the one I currently have and given my budget, this machine was what I was looking for.

Yes I know but, I opted for standard shipping and that was free. I could have gone to the store and picked up the unit, but I don't have any way of getting there on my own.
It may come sooner then projected. That's what I would really like to happen, but I'll see.
I also have trepidations, but will keep my thoughts positive as this could influence any potential good outcome.

Nice one Wallace, I've been dreaming about a new one too!

Thanks Odin, I'm pretty excited about this and It's a step up from what I'm using now at about the same price.

Wallace... when I bought my Dell two years ago, they told me two weeks. it is here in 3 days. They always give what the outside date is in case of problems.

Yes, they have to cover their a$$ when it comes to shipping, which is understandable.
That's why I'm hoping for an earlier receiving date.