A Radeon 4850 should easily handle your needs. You could also get away with something a bit cheaper, but I would stick with a slot card rather then on-board if there are any plans for 3D rendering at all.
As PsYcNeT points out, you should be focused more on processing power and memory. Given the prices, go for at least 4GB of RAM, 8 if you can swing the budget for it. A quad core will also go a long way, but a decent Core2Duo will suit you just fine. This is more important for video/sound editing then it is for 3D graphics work.
A good monitor is also a good investment for this type of setup. Get one with some screen realestate (20in+ widescreen) with a matte finish (NO GLOSS!).
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