Weather Station
Necessary parts - Raspberry Weather

CandyPi | b10nik's stuff

Project 1: GPIO Led using Python
LED Blinking with Raspberry Pi
Easy Project - Control an LED Light with Python Using a Raspberry Pi

Overview | Raspberry Pi LED Matrix Display | Adafruit Learning System
Overview | Simple Raspberry Pi Robot | Adafruit Learning System

Raspberry Pi/case/PS $50
SD Card $10
Breadboard Kit $15 Raspberry Pi Breakout Kit for A+, B+ and Model 2 B - includes Cobbler, Breadboard, Projects Guide, 100+ Components and Heat Sinks: Electronics