My favorite is picking up a Squier Affinity Strat up new from the local cash converters for £40.
Originally i was going to rob its parts for other projects but upon plugging it in even with its rusty strings the obvious potential was there.
So, i set it up with some new strings and a small neck shim and the damn thing plays about as good as anything i own. I've even got the tremolo set to floating and it stays in tune, plus the pickups are nice.
I dont know if i'd gig it but dont see why not, gonna try it out a rehearsal soon.
The quality for the money is unbelievable, you could buy 10 of these, modify a few and still be in pocket, respect to CIC here too.
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