You don't need an i7, not one bit.
Here is a rough build.
Phenom II X4 980 £133.19
http://www.ebuyer.com/270610-amd-black-edition-phenom-ii-x4-980-3-7ghz-socket-am3-6mb-l3-hdz980fbgmbox
MSI Mobo £52.24...
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