oh wow. well, i guess it depends what you're looking to do. I got one of those Line 6 Gearbox things ($70) and I LOVE using it for writing/demoing. has great electric sounds. Gearbox+Garageband+an M-Audio midi keyboard, and I've got the only demo rig I need. well, except I did just buy an AT4050 mic.
If I personally had $250, I'd probably have to spend it on a Line 6 MM4 though. I got spoiled on a friends pedal board, and now can't go back to my modulation-less board. poor thing. I also wouldn't mind having a bass around the house. I think those cost more than $250 generally, though. Heck, I actually need to FIX my pedalboard and make it not fall apart at shows. This is turning into a random rambling by me. I apologize. I just really have the itch to buy new gear.
"Some men can't be bought, bullied, reasoned, or negotiated with. Some men just want to watch the world burn."