I recommend just buying headphones and then using Amazon to pick up a Zalman Zm-Mic1. I've gone through several cheap headsets and never felt like they were very high quality or very durable.

Usually I would say buy headphones + a Modmic but considering how anything more than earbuds will eat up a considerable amount of that budget, I'd go with the Zalman one.

However, http://www.modmic.com/collections/frontpage/products/modmic is $33 and http://www.amazon.com/Sennheiser-HD201-Lightweight-Over-Ear-Headphones/dp/B0007XJSQC is $25. I have these headphones and they're actually pretty great for the price, and I wear them for hours. If you want to get something better than those, though, then you will probably need to go with the Zalman clipon mic.

If you already have a working mic, then maybe you could use that.

Seconding what hooky and blasto said. I use a Zalman with a separate pair of headphones and in my opinion, the quality is better than a headset. Also if you ever break the mic, you can still use the headphones and vice-versa.

Sennheiser in general is a quality name in audio systems and you cant beat $25 for that quality. The Mod mic Hooky posted also looks great for the price.

Personally I would go for one of Sennheiser's pro headphones since I would use them on more than just gaming. These look magnificent http://www.sennheiserusa.com/professional-headphones-studio-monitoring-502717

Edit: the Zalman Zm-Mic1 looks to be more for a stationary setup, something for a desktop computer. The cable seems much thinner then the Antlion mic but its much cheaper. I would go with the Antlion, but then again I'm considering spending $200 on a pair of headphones, so consider your budget.

I got a GameCom 380 from Best Buy for about $50 about 6 months ago. I really like them but best buy doesn't sell them anymore. You can still get it from amazon http://www.amazon.com/Plantronics-GameCom-380-Stereo-Headset/dp/B006ZS5AQA

Well I can't speak to the quality...but this one is free after rebate:
http://slickdeals.net/permadeal/87296/tigerdirect.com-corsair-vengeance-1100-gaming-headset

Might want to pass if you're lazy with rebates though :) I always find them to be a PIA

http://www.corsair.com/en/vengeance-gaming/vengeance-gaming-headsets/vengeance-1100-communication-headset.html
There isn't much in the way of Tech specs to look at for these on the Corsair site, but you can't beat free with a Mail in rebate. Although, as with all other Mail in rebates, you have to shell out the full price to then get your money back later on.

Also I noticed that the mic on this is unidirectional rather than omnidirectional meaning that it will pick up less background noise but you wont have as much freedom in positioning. If for some reason you are not comfortable using the mic in a way that can pick up your voice, you waisted your time and you better get that rebate sent in. If someone has used and liked these please let me know, the lack of information from the manufacturer makes me think they are crap.

I just noticed that no-one, myself included, actually talked about headphones on best buy like Greyhound needs.

After sifting through the reviews, one pair of headphones came out on top and, surprise surprise, Sennheiser HD203's had the best reviews from what appeared to be competent people (and no "OMG BEST EVER" or "TOTAL CRAP, DONT BUY, NO BASS" posts). The main gripe was they are not as comfortable for long periods of time, although they have the same amount of padding as (#3)Hooky's HD 201's.
http://www.bestbuy.com/site/Sennheiser+-+Noise-Isolating+Over-the-Ear+Headphones/9719785.p?id=1218159872124&skuId=9719785#tab=reviews

Next would be these JVC headphones. Not much to say about these other than they seem to become uncomfortable after a few hours like most headphones.
http://www.bestbuy.com/site/JVC+-+Black+Series+Over-the-Ear+Stereo+Headphones+-+Black/9684785.p?id=1218150177567&skuId=9684785#tab=reviews

Pulling up last are these two sony headphones that have gotten mixed reviews form both competent and novice commentators. the second being the cheapest and worst of the two.
http://www.bestbuy.com/site/Sony+-+On-Ear+Headphones/6614017.p?id=1218762299190&skuId=6614017
http://www.bestbuy.com/site/Sony+-+Over-The-Ear+Headphones+-+Black/2204196.p?id=1218314737514&skuId=2204196

My judgments are based on the reviews and price of the headphones, and a general liking for Sennheiser if you couldn't tell.
Its 2:55am for me and I'm off to bed. Ill check up on Headsets and mics on bestbuy when I wake up.

If you can find the razer carcharias on sale there I highly recommend it. I've been using it for over 2 years. Great sound quality and mic. No issues with the wires or anything. A lot of people trash razer, and it's true that a lot of the stuff they make is overpriced crap, they actually do have a few really amazing things. Deathadder, goliathus, carcharias.

Don't make the mistake of buying Razer audio product.

Heres a Cad Headset I found that has a USB plug rather than Audio jack.
http://www.bestbuy.com/site/CAD+Audio+-+USB+Laptop/Chat/Game+Headphones+with+Microphone/1493569.p?id=1218263932115&skuId=1493569#tab=reviews

This Sennheiser one but it has no reviews.
http://www.bestbuy.com/site/Sennheiser+-+Over-the-Ear+Headphones+with+Microphone+-+Black/Gray/1535211.p?id=1218267289888&skuId=1535211#tab=overview

Also I found (#3)Hooky's HD 201's from Bestbuy for $5 more than Amazon but its silll ~$10 cheaper than the HD 203's I posed last night.
http://www.bestbuy.com/site/Sennheiser+-+Stereo+Sound+Headphones+-+Black/8256656.p?id=1218014228229&skuId=8256656

On the Mics, nothing cheap screams out quality, but heres 2 ok ones for cheap.
http://www.bestbuy.com/site/Audio-Technica+-+Wired+Microphone/1305515046.p?id=mp1305515046&skuId=1305515046
http://www.bestbuy.com/site/Connectland+-+Wired+Microphone+-+Black/1305414691.p?id=mp1305414691&skuId=1305414691

And the mic section of Bestbuy' site since it took some time to find.
http://www.bestbuy.com/site/olstemplatemapper.jsp?id=pcat17080&type=page&st=processingtime%3A%3E1900-01-01&sc=audioSP&nrp=50&sp=-bestsellingsort+skuid&qp=q70726f63657373696e6774696d653a3e313930302d30312d3031~~cabcat0200000%23%230%23%237rk~~cabcat0207000%23%230%23%234mv~~cpcmcat152100050035%23%230%23%23ge~~cpcmcat251600050003%23%230%23%238l~~ncpcmcat152100050038%23%230%23%236c&usc=abcat0200000&gf=y&cp=1

http://www.newegg.com/Product/Product.aspx?Item=N82E16826158082

I'm using it for almost 4 years without any problems.

Worst shit in the history of gaming. Uncomfortable after 1h, WAY too much base, makes sqeeky sounds when moving head. 0/5 would not bang.

If you're looking for Best Buy headphones and don't want to spend a full 50 on the Sennheiser's (a good choice, btw), I suggest the Koss SportaPros, which have the same sound source as the classic Koss PortaPros. You can also use those outside of gaming and save up to someday get a nice $100 set of cans which will sound great.