Just a FYI:
3 Watt Cree LEDS can be purchased for less that $5 each
Heat sinks can be purchased for $5 each that will house 3 X 3 Watt leds.
Power supply will depend on how many LEDs you will drive. It's basically 1 Amp
per 3 watt led.
The best part is that you can mix different led colors to suit your lighting preference.
You can build a kick *** LED system for under $100 with a little know how and
soldering for 29G (35 Watts).