Best 5.1 Speaker setup without receiver for $400-500?

Look into PC speakers.

Hi ashcza. I'm researching in the same area you are with similar budget and here is the suggestions I've gathered from the kind individuals on here.

For 5.0 speakers, try the Jamo S 406 for about $250. You will need a sub to go with it to make it 5.1 so try these sub: The BIC America F12 12-Inch 475-Watt is highly recommended and it goes for $256 or the Dayton SUB-120 HT Series 12" 150 Watt that goes for $155 if you want to bring it down closer to $400.

I am a little worried the BIC America F12 might prove to be too much of a monster and might drown out your Jamo S 406 instead of complimenting it well. I am also unsure if the Dayton SUB-120 is the best choice for $155 so perhaps others can chime in with better options. I hope this is a good start in your research.

I'll throw my hat into this ring, looking for 5.1 speakers for around $400. For 5.1 systems the Energy Take Classic 5.1, RC-Micro 5.1, and Klipsch HD Theater 300 seem to be well received. The Jamo S 406 seems to be a good option, but I'm seeing less feedback on those. I'll be interested to see what directions other go.

If the OP can go to $600, one might consider this as a starting point:

2 x Polk Audio Monitor 50, FL/FR, $200 (http://www.newegg.com/Product/Produc...82E16882290013)
2 X Polk Audio Monitor 30 Series II, SL/SR, $100 (http://www.newegg.com/Product/Produc...82E16882290200)
1 x Polk Audio CS1, Center, $100 (http://www.newegg.com/Product/Produc...82E16882290210)
1 x BIC F-12, Subwoofer, $182, (http://www.shopblt.com/cgi-bin/shop/...er_id=!ORDERID!)

Monitor 30 Series II and CS1 prices are good through 8/8 but IIRC, NewEgg does these sales every weekend.

BTW, that's a pretty large room which is the reason I noted this could be a starting point. For a room with that volume, a bigger/better subwoofer would be needed in the future to do it justice IMO. Also with a big room like that (depending on its configuration), the end game ultimately might be a 7.1/7.2 set-up.

A cheap, but pretty decent setup that served me well up until very recently, when I caught the upgrade bug:

Polk M20 fronts -- 100-150 bucks for a pair
Polk PSW10 -- around 100-130 on ebay
Polk R15 -- Harder to find now. I got my pair for 35 on ebay back a few years ago, but whatever the equivalent is now, should be around 80 bucks for a pair, max.
Polk CSM/CSR -- this is a center channel which should run you about 100.

You should be able to get all of this and still have enough money under your budget left to buy a few cables and speaker wire. The subwoofer is not a home theater monster but is very solid for music.

I just purchased this exact setup. Received in on Friday. Absolutely blown away and couldn't be happier. Spend a little extra for these.