why get a projector? you have to pay a buttload of $$ for the wall hanging thing if you want to get good picture quality.

panasonic plasma, wall mount it with the space saving mode
denon or marainze (sp) receivers
5.1 or 7.1 speakers (don't get the boss speakers), I forgot what sets I have back in Denver. Buy the complete sets of speakers even if you are only planning to use only 3 channels because in the long run, when you do want to use all your speakers, the speakers will all sound exactly the same.

The front 3 speakers and subwoofer should have the same cable length. The 2 in the back, its length should match as well. Make sure to adjust the tweaser so it level out at your ear height when you are sitting down, else you won't get the full affect. Apparently, not a lot of people know about it.

Don't get wireless speakers or receivers. It will more likely get interference w/ other signals and delays. The last wireless speakers I checked out had that problem, it was rather annoying.