You can get a half decent fluorescent or CFL setup going for that much. You'll see much better results if you could drop about twice that much on a good 400 watt HPS, but you can only buy what you can afford.
If there is a hydro shop in ur area go there, if anything just for ideas. I would have saved a bunch of money if i did this first. Last time I went I picked up a 125w cfl for $65 with a hydrofarm plug-socket-reflector.