Yeah, I have the ATH-M50s, and while I thought I was going to use that 9 feet or so of cable, I never did.... I probably should of listened to my friend, and got a coiled variant, instead.
Anyhow, I now have the mentioned ATH-M50s, and a NuForce uDAC2. I intend to get a small AT2020 (microphone) setup in the future. With a stand, pop filter (I am wondering if I can use one of my many useless Silverstone 120mm fan air filters laying around for this...?), mic, and shock mount, it should come to around 150usd (using the USB version of the AT2020).
That's all I have, for now. Extreme long term is Denon 1911 reciever to pair with a HD5550 I have for my HTPC (in my experience, AMD setups have more fine control and options [and overall are better, IMO] than nVidia HTPC setups, so far).