Covered? No really you can't possibly even take advantage of a decent video card with a 1ghz P3. My dual core socket AM2 2.4ghz processor can hardly feed my 7950GT, it's the only reason I refuse to upgrade to a GTX 460.
All In Wonders blow, I have heard a ridiculous amount of complaints about them in recent years, maybe they weren't that bad in the 9X00 series but these days you'd be better off just going on newegg and looking for a VIVO video card and if you need a TV tuner and all that jazz buy a hauppage, sabrent or whatever. Actually I just found out that they have only made 2 all in wonders in the last 5 years, even ATI/AMD doesn't like them!
If you want to get the most for your money
CPU - 2.7ghz single core - $38 shipped (total at this point: $38 )
http://www.newegg.com/Store/BrandSubCategory.aspx?Brand=1028&SubCategory=343&name=AMD-Processors-Desktops&Order=PRICEMotherboard is a bit trickier to shop for you wouldn't even need a video card because a 4250 IGP would do just fine for what you appear to be using it for...but I can't find one with composite in/out. Might be able to get a cable or a cheap add-in card to supplement that. I'm thinking but I'm not positive this is the best motherboard for you.
Motherboard - 880G Chipset $65 shipped (total at this point: $108)
http://www.newegg.com/Product/Product.aspx?Item=N82E16813138283Ram - 2gb dual channel DDR3 1066
http://www.newegg.com/Product/Product.a ... 6820134793Total comes to $134, dunbot's setup is $130 without shipping and is slower and lacks the heatsink. This setup is also made from very current parts, so availability of parts to upgrade should be good for a couple years
Really you should check your hard drives, if you have 5400rpm drives it's time to upgrade to a sata drive, I just bought a 500gb 7200rpm Western Digital hard drive for $40 during a newegg special.
Now I've also taken the liberty to try and get you your damn composite crap. You can get an HDMI to composite cable for like $10 on google shopping. That covers out. As far as in is concerned you would need
http://www.newegg.com/Product/Product.aspx?Item=N82E16815276002
actually....dunbots setup looks better. the heatsink i can get from somewhere else for 5 or 10 bucks. so its no biggy. you did find the card i need though. plus the parts you should me are probably way to much for me. i think i would prefer to stick with my Pentium 4 ht since ill be using it only for that.
my ide drives are also running at 7200rpm just to let you know.
now for operating system....shall i upgrade to windows xp? or windows 7? i am going to use this for internet surfing as well. i also need a wireless keyboard and mouse.