pk,
A couple of questions for you to help frame suggestions:
1) What is the purpose(s) of the new entertainment area, background music for parties, movie watching, gaming, critical listening, combination of the above, etc?
2) What are you looking to have as your eventual speaker set-up in that room; stereo (2.0), stereo with sub (2.1), a 5.1, 7.1, or some other configuration?
3) What is the approximate cost figure for your overall plan? Are you spending it all now or phasing in over time? (Watch out for the "upgrade disease", it is easier to catch than the common cold!)
In my case, I have a couple different audio situations/rooms:
1) A dedicated media room w/ a 5.1 set up of stand alone speakers for critical listening and home theater.
2) A family/great room w/ a 4.0 set up of inexpensive, Monoprice, in-wall speakers for TV sports, background/party music, and casual listening.
3) Two sets of outdoor speakers, front porch and back deck, driven by the family/great room's receiver.
If any of my experiences (all were DIY projects) can help you, just let me know.
Cheers,