The price you have is VERY little for a surround sound 'package'!!

You could go down the route of an all in one ~

pioneer av system

Yes it has a built in dvd player, but finding a decent system is hard work! (Im not sure if it has an OPTICAL IN though, which is needed to connect the PS3. Or indeed PHONOS in to connect the tv)

The other option is seperate amp and speakers (Which is better) ~

Yamaha av amp

The amp is WAY better than the pioneers and a great 'start' amp

As for speakers.....im finding it difficult

Though maybe ebay?

mission surrounds

It may not look as cool and you would still need all the connections (hdmi, optical and speaker cable) but it would sound a lot better than the pioneer ~ though it would lack bass (Which the pioneer WILL have, albeit a bit pap)

What I REALLY recommend is THIS center ~

Kef Cresta C

and buy the others off ebay maybe? (You would need cresta 2 or 3s for MAIN and 1s or 2s for rears)

Hope this helps!

£100-£200 is probably a bit light to be worth it.  You can do some remarkably cheap things in Stereo but where you're getting in to 5.1, the cost escalates disproportionately. You might be better just plugging the playstation in to the telly and using the sound from there until you have a larger budget.  Richer Sounds is usually the first place that you would go (I have no commercial links to these people) but you're really in the second hand area with that budget.  Your other alternative is to use the analogue outs from the Playstation and attach it to anexisting stereo. 

One speaker set to look at might be these; link but with an amp, you're going over budget.  Also, have a look at this - it's only stereo but pretty interesting link albeit at £100 more than your budget.

My message would be; wait and save up. Stereo can sound much better than 5.1 if well implemented and you're on a very tight budget.  Two good speakers will sound better than five bad ones.