I originally rebuilt my kegerator with a new Perlick faucet, regulator, new hoses and fittings only reusing the fridge/tower/CO2 tank from the old setup....then I came across a 20 cu ft freezer for $40 on Craigslist less than a month later and jumped on it..
It was dirty, but in decent shape.
I'm under $300 total (freezer, collar, paint, caulk, screws, 3 corneys, all fittings, hoses, CO2 splitters, clamps, regulator, and picnic taps) running 3 beer's on tap at the moment with plenty of space for storage of cold water, soda, bottled beer and room for additional taps.
My old kegerator is now a fermentation chamber.
Still need to buy a shank for the Perlick and a couple other faucets, but due to my 16 month old son pulling on everything, I may just deal with the picnic taps for a while so he doesn't empty a keg all over the floor.
My keezer obviously doesn't look like some of the keezers featured here, but it's not bad looking and functional at a minimal cost. No complaints here, but I could see myself building a new one in the future.