Do-able. My friend built a brand new Soma Mixte with internal 7 with all new parts (only some were QBP-ed) for $1000. You can get well under $800 if you get a lot of the parts used. The most expensive part will be the wheels.

I've got one of these with your name on it: http://www.modernbike.com/itemgroup....177777&TID=367