Thanks, but I dont see where the video cables for the xbox would go, are there any?
Connect the xbox to the monitor via HDMI for video.
Use optical out or another optical cable for audio.
If you mean an actual television rather than a monitor, they are expensive right now due to the holidays, the best time to buy them is between march and july when the new models are rolled out and old ones are 20-50% cheaper.
Check the wikipedia links. You're confusing your facts. Also this. <3
OP, you will be better off waiting. Even after looking around a bit there doesn't seem to be anything in that price range (in fact it looks like most places are almost completely out of stock for TVs). Like I said in my other post, between March and July is the best time to buy TVs and monitors.
Newegg usually has really good deals on 20-27" TVs but they don't seem to have much of anything decent for LCDs (they have lots of Plasmas and LEDs but they come with a high price premium).