I live in South America too, and by the time I decided PC gaming was far too pricey to be a good option (around the time the PS2 became dominant around here), a new video card could be about 500 dollars, the same with a flat screen. Half a GB of RAM was near 100 dollars and you can guess how much CPU and motherboard would cost. By the time you had everything you need, a very good PC would be above 2000 easily, and it would be obsolete in less than a year.
I know prices are not the same now (not even here), but I don't regret quiting PC gaming in favor of console gaming. Some genres are not the same on consoles, like FPS or RTS; but I am willing to forget it because adventure games, fighting games, RPG and sports games are far better on a console. So, until Starcraft II (or something equally significant) comes out, I won't care about minimum requirements and the latest directX version...