You have two options here: 1.) Assemble everything yourself. Sound will be better, but you’ll have more work to do. 2.) Buy a home theater in a box (HTIB). These are usually lower quality with less flexibility and connection options.

HTIB: You have a player already (the PS3) so you’re going to want a receiver-based home theater system. In my opinion the best value systems are made by Onkyo. If you want to maintain your HD audio and not downgrade to plain old Dolby Digital and DTS, go with the HT-S6100. It’s an HDMI switching receiver meaning you can run an HDMI from the PS3 to the receiver and then an HDMI from the receiver to the TV. If you don’t care about HD audio then go with one of the lower cost models. I see eCost has the 4100 on sale for $170. The MSRP is $500, so this is a pretty good deal. But with this one you’ll have to run an HDMI cable from the PS3 to the TV for your video and then run an optical cable from the PS3 to the receiver for your audio.

http://www.us.onkyo.com/prod_class.cfm?class=Systems
http://www.ecost.com/Detail.aspx?edp=42799990&navid=155441519

DIY: I assembled my own system on a budget and put together the list of products on Amazon so people can learn from my experience.

http://www.amazon.com/The-Best-Hi-Def-Home-Theater-on-a-Budget/lm/R1M8CM8FMVSKF5/ref=cm_lm_byauthor_title_full
References :