Thinking about getting a home theater, don't know where to start.

I'm thinking about getting a home theater. I have a 60" LED Sharp, a PS3 which i use mostly for watching my Blu-rays. I've collected well over 200 of blu-rays and i feel it's time to start thinking about getting a theater system. I'm a college student and live in an apartment, i'll probably live in this apartment for another 2 years until i get my degree. My budget is around $500-$600. I honestly was referred to this website by a friend who doesn't know much about audio systems so i'm sorry if i sound vague. I just want to get a 5.1-(don't really have a room for a 7.1) audio system that can be fully utilized with blu-ray capabilities.