Just for fun, say what your main guitar is, and how you would spend £500 on upgrades (not buying a new one). Here we go:

Epi Les Paul-
Bareknuckle Nailbomb set - £200
Gotoh 510 tuners- £80
and a Bigsby B7 with the rest.

In the word(s?) of Charlie Sheen: Go!
Buy a second hand ibanez prestige.... thats not new ( did you see what i did there?)
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I wish my amp sucked on my knob.

if you were to smash a child around the head with a full bottle of no more tears shampoo...would it be ironic if they cried
well, i havnt really thought about it much for my main guitar so ill do my squier, all prices from google or (really crap) estimates

Squier bullet strat
Seymour Duncan Hotrails set - £180 (£60 ea.)
Black Scratchplate w. small logo - £25
£25 - painting and refinishing
Hi, my name is Forrest and i play the Gee-tar

Current Equipment
Vintage V300 acoustic
Squier Bullet Strat
Fender FM 212R Amp
Vintage Les Paul

Next Guitar/Amp
none....... YET
Buy a used PRS SE custom 24. Or (following the rules of the thread) swap out all the electronics in my Epiphone V except for the bridge pickup (which has already been replaced with a DiMarzio X2N) as well as replacing the tuners with locking ones, replacing the bridge with one that isn't covered in rust and get a mirrored or possibly abalone pickguard.
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shaller locking tuners bare knuckle tele hot set, s1 switch killswith and effects loop on my amp and a gain and reverb
I would install either a fernandes sustainer or a midi pickup.

edit: definitely a midi pickup.
Last edited by gunther_sucks at Apr 11, 2011,
Hopefully i could fit within the budget, cause it would be very extensive upgrades. If i were in such situation IRL i'd do something different but for the sake of this thread here goes:

Unknown Precision Bass Copy with PJ setup:
New neck - Maple with Maple fingerboard, and this time with graphite bars inside, since my current neck changes bow whenever i move my bass from room to room - it's that crap.
Schaller BM Light Machine Heads
Brass Nut
Medium-Jumbo Frets
As for other upgrades:
Bartolini 8CBP + 9CBJD1-L PJ set
Bartolini HR-3.4 Preamp (if ofc vol/vol works as intended and isn't a gloryfied 3-way toggle)
Hipshot A style Bass Bridge made out of brass with 17.5 or 18 mm spacing.

If all this doesn't fit into the budget i would skip on electronics upgrades.

Sperzel Locking Tuners (black) $75 (I already have $30 lockers on it from GFS)
EMG 85 in the neck $100
Tone Pro's TOM Bridge $70
Graph Tech Tusq XL Nut $10

Total $255
That's really about it... I can't think of any more.
Re-fret job - £150
Seymour Duncan SSL-5 - £50
Bourne Pots - £10

Les Paul:
Shed Supernaturals Pickups - £180
Bourne Pots - £10

Amp Gear:
Swap Celestion G12H30 for an Alnico Blue (Sell G12H30 £70) - £100

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Sums up whisky perfectly
in my squier tele deluxe, emg 81/85, refret, get a new bridge, replace pots

Squier Vintage Modified Telecaster Deluxe
Squier Vintage Modified Jaguar
Blackstar ht-5 head
Blackstar ht-408 cab
Landola V72 Acoustic
Seymour Duncan Woody SC

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That's around $800 USD, right?

I would use it on my Tele.

Warmoth neck with jumbo frets and a 12" radius = $250-300
Lace Sensors - $230 (I'd have to get an extra for my middle position)
New pots, caps, and a switch - maybe around $30 or $40?
Schaller Locking tuners - $100
Strap made from the tanned foreskin of whales - whatever amount of money I have left.
Highway One Tele (w/Custom Shop 51 Nocaster pickups)
Standard Tele (modded to Nashville specs)
Reverend Roundhouse

Orange Rockerverb 50 MKI
Vox AC4c1
Jet City JCA20H

And pedals!

"Shiva opens her arms now..
...to make sure I don't get too far"
Save up. Add a few more FRNS and trade up. Ya cain't make a silk purse.. as they say.
Replacing stuff to the tune of $800 onna 300 dollar guitar is Walter Mitty City!
If ya replcace the neck, P'ups/electrics, attachments and the body..ya have a new guitar! Trying ta make a Squire into a *real* Fender is musical masturbation.

just my $.02
Buy legitment labled Zebra pickups for my Epiphone speciall ii. Ohh yeah and REPLACE THE TUNERS.
Squire SE Strat (lolz):
Fender (Hot?) Noiseless Pickups- $120
New Painjob & Pickguard~ $50
Locking Tuners~ $80
Original Floyd Rose- $180
Graphtech Nut and String trees- $20
New knobs and Jack Plate-$15
New pots and wiring~ $35

There's my $500! (note that it wing go as far as it would in pounds...)
I pride myself on my humility.
Partscaster Tele

One of Cord's humbuckers, a Rio Grande Twangbucker and a DPDT switch.

I reckon I'd have about £300 to spare at least.
Skeet UK is awesome, he can get WD Music parts discounted.
Build a new neck, throw in a set of BKP warpigs.

My things:
Bowes SLx7
Washburn WG587
Washburn X40Pro
Washburn X50
Washburn HM24
Washburn WR150
Laguna LE200s
Arietta Acoustic
First Act
Valveking 112
VHT Deliverance

Get a compensated 3 saddle ashtray bridge
Some BKPs

Red Tort Pickguard
Jam in some P90s

Bill Lawrence L500xl
Replace all the chrome stuff with black

Midi pickup?
Ibanez Darkstone (DN500)
I have 500£?
Get a set of PRS 57/08.
End of story
Carvin Bolt-T

A set of Lace Sensors (£170) or maybe a set of BKP Irish Tours (£160)
A mroe Fender-esque bridge (£150ish)
New pots/switch etc (probably not much, I'll put that as £20)
...got loads left, so I'd probably throw a nice set of tuners on there too.

Ibanez S470

Dimarzio Evo Neck (£70)
Dimarzio True Velvet (£60)
Dimarzio Evo Bridge (£70)
The rest of the cash would go to converting it to a hardtail.
If there'd be enough cash at the end I'd probably spray it desert yellow or something.

P-Bass copy.

Dimarzo Model P (£60)
Dimarzio Ultra Jazz (assumably £60, can't find it not as a set) w/mods to fit it into the bridge position.
Gotoh 201 bridge (£40)
Some new tuners...not entirely sure what ones, gonna guess that price would be £60.
Repainting the headstock to match body (£100 max)
Re-wire (£20)

...I'm pretty unoriginal when it comes to thinking of modding my guitars with £500 to splurge...

Though some of these mods I am planning on getting done at some point in my life.
Get the fretboard of my Iceman scalloped. From the first fret up.
Also have it custom painted, possibly. But the scalloping would take away most of the money.
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RG 1527 - Galaxy Black

Bareknuckle Aftermath - chrome cover @ bridge
Bareknuckle Emerald - Zebra - Neck
Kill pot
parralel/series on new switch
coil splits on push pull tone pot
Really nice strap
£150 in my pocket!
ESP M-1 - Dimarzio Super3
Ibanez RG3270 ToneZone/Blue Velvet/Paf Pro
Ibanez RG1527
Mercer Blackmachine Replica

Diezel Herbert
Diezel Einstein Combo
TC GMajor

Gain Wh0re and Diezel Mafioso
Quote by Solid S/hit
Get the fretboard of my Iceman scalloped. From the first fret up.
Also have it custom painted, possibly. But the scalloping would take away most of the money.

You think it'd cost £500 to have a fretboard scalloped!?
Ibanez RG7420

Change out trem for a OFR
Install graphtech saddles with inbuilt peizos
Install graphtech piezo system
Possibly refinishing and re-fretboarding

A big brass block and a tremel-no
Join the 7 String Legion!

RG7420 with Dimarzio Crunchlab + Liquifire set
Peavey Vypyr 75 with Sanpera I
Digidesign Eleven Rack
Sennheiser HD280 headphones
Behringer FCB1010 with EurekaProm

Call me Eddy