The ALC1150 might sound okay, but it really depends on the circuitry it will have. There is no telling what that will do, but it is another bulk chip, so I would not get my hopes up. Maybe this will help you: click. The ALC1150 does better than the older Realtek chips(they are the 90+ ones, but the top one has a Creative Sound Core3D), but the s/n ratio does not tell all. Mice that make the output crackle when moved, ticking sounds, had it on more motherboards than I dare to count. The optical sp/dif solves almost all of these though. So it is just ****ty layout or powersupply I think.
Since Win7 and Win8 all the sound is purely software processing(simply put). So long story short, tis is the reason I decided to ditch the soundcard and use the hdmi out of the videocard and feed it into the receiver. But hdmi will not work without a videosignal, so I had to set it up for use with dual monitor, clone the screens and feed one to my receiver, one to my screen. If you happen to have an unused receiver I do recommend it. But it may take some fiddling(putting it mildly). Other option is any hifi amplifier you may have lying around that takes sp/dif. Then use the $100 for some nice speakers at the local audio store. Or if you are handy you could do some Cyburg Needles. You can build those cheaply with 12mm mdf. But that means you have to have access to some tools and you have to get the wood. I am in the process of building a new set with 4 needles now. Easy to build and cheap too, good thing since I spent my budget on the damn receiver and cabling.
Before this, I had a M-Audio Audiophile 2496(which might be a good option, sells new here for €39, but no surround plus it's pci) with a Pioneer A209-R and a pair of Pioneer SMH-50's. Did not do too bad, but lacked bass obviously, and if bought new it will not fit your budget.
You could go for the Klipsch Pro Media 2.1 as an interim solution maybe? Then upgrade later. Maybe go for a cheap usb dac? Or maybe use monitor speakers. I can buy the Behringer MS40 or the Microlab Solo3C for about €100. Do not know what dollarprices would be. Could be a quite a bit cheaper, or expensive, you'd have to check.