Hiya Rosco,
I'd go for a PIII-550 slot one, and overclock that baby! I'm running mine at 733mhz, without any problems. If you're ok with overclocking, you can buy a cheaper CPU and make it run like a tiger.
Otherwise, go for 128MB RAM, minimum. As far as video cards, now that the GeForce 2 cards are out, I'd pick up a GeForce 1 card, like the Guillemot Prophet 3D DDR-DVI, or CL Annihilator Pro.
If you want to talk more about it, let's take this to email, or I'll cya tonight for squad night.