I always just tell people to get a DELL. DELL is competive and you don't have to tear your eyeballs out trying to find a good deal. Their customer service isn't as good as Apple's, but they rank the highest amongst PC makers for customer service.
Just get a DELL and don't worry about it.
Otherwise, there's not one place to go get the very cheapest laptop. You have to look everywhere. Surprisingly, I've talked to some people who have found really good deals at Office Depot. Check newegg.com too.
If you're really looking price hard, After HP bought Compaq, Compaq became the low end name brand for HP laptops. I just helped a neighbor set a Compaq desktop up and the keyboard and mouse that came with it weren't even USB, they were PS/2. They cut a bunch of corners like that, but still use Intel processors, nVidia / ATI graphics cards, etc.
But, if I got a Compaq PC, I'd make damn sure I backed the thing up if there was important data. And, that I knew how to reinstall the OS pretty soon after getting it. With Compaq, you have to go into some menu option and make the reinstall CD yourself. They cut that corner. They don't print one and ship it to you in the box.
