Realistically, you have a crap budget, which means that you are going to be limited to whatever happens to be on sale at the local Best Buy or online from vendors.
This is said so that you can set your expectations accordingly.
Almost every projector at this price will be a non-HD model, but you should look for one which has a HDCP compliant digital input (DVI/HDMI). Almost all projectors will throw an image from 15'. How BIG that image is depends on the lens of the projector, and you can use the 'Find Projectors' feature at Projector Central to search on specific criteria.
http://www.projectorcentral.com/projectors.cfm
I would not be looking at projectors with less than XGA resolution, which means you are going to have to dish out at least around $600 to get to the absolute chepest bottom of the line models they have.
Here is a list of 45 projectors with a sub $1,000 price tag of XGA resolution...
http://www.projectorcentral.com/projectors.cfm?mfg_id=any&res_id=3&ar=0&td=0&is=0&bll=any&bul=any&cll=any&cul=any&wll=any&wul=any&prll=any&prul=1000&an=0&sp_id=0&dvi=-1&sort=sp&trig=1
Of this list, only
SEVEN are under $600, and none are under $500.
None have digital inputs which means you can't use upconverting DVD players. None have optical lens shift, they all top out right near 2,000 lumens.
I wouldn't recommend any single one specifically, but from any traditional manufacturer you will get very similar quality.
Frankly, while the quality is nowhere near what a decent home theater projector will deliver, the quality doesn't totally stink either. You get a good 6-8 foot image that is bright and has decent color, with so-so contrast. Not the best video processing for sure, and forget about audio quality (or audio at all), yet most people are still pretty excited about having that big image at all.