[S]Can't really give you any suggestions since my mouse and keyboard are around $100 each.[/S] ...or they could be less.
I'm using a Logitech G11 keyboard and a SteelSeries Cataclysm Gaming Mouse.
$73:
http://www.amazon.com/SteelSeries-World-Warcraft-Cataclysm-Gaming/dp/B004GZ2RCY
Looks like nobody carries the G11 anymore. It's basically the G15 but with blue lighting and no LCD screen that needlessly bumps up the price. I guess it was around $70, too.
Logitech G110 might be ok. Doesn't have multimedia controls and has 6 less macro keys than mine, but honestly I never use all of mine anyways.
$66:
http://www.amazon.com/Logitech-920-002232-Gaming-Keyboard-G110/dp/B002RRLQIO
Bit over your budget, but... good stuff.
If you're playing fps and whatnot, you're going to probably want a mouse with a DPI in the 5000 range or higher. The cheaper ones tend not to have DPI that high. The one I mentioned above, by the way, has like 14 buttons. It's up there with the Razer Naga (
$68), which has 17, but these are placed in more usable locations rather than just all clumped together on a thumb pad. The Naga does have a higher DPI though, 5600 compared to 5040.
The macro software sucks ass with the Cataclysm mouse though, I'll be perfectly honest. So, the Razer Naga might be a better option.
If you end up looking at Logitech mice, avoid the ones with hyperscrolling - those are good for browsing the web, but if you need to do anything that actually
uses the middle click, then it sucks ass. So, they're bad for gaming.