My 2-year old Acer Timeline X series laptop has a damaged heat sync and is over heating and shutting down on me on occasion. I was told by a technician that it will cost at least $200 to replace the heat sync and CPU fan (parts and labor). It seems foolish to do that so I will need to buy a new PC.

Basically, I do a lot of multi-tasking, surfing, word processing, and I watch videos. I am currently a student so I hope to be able to use programs such as Cool Edit Pro and Sony Vegas for editing audio and video, too. Based on my experience of short laptop lives, I would like to KEEP the cost down. Any suggestions as to what to buy and where? Located in Winnipeg, Canada.hockeysticks,
  What you want is what we all want. Portable, low-cost, performance and long life. Hard to find.
   If you can forsake portability, GO for a Desktop. Still the best CHOICE, except for lack of portability.

You could just go buy a replacement for the laptop you have. You would have some SPARE parts on hand.If I were you, I would get a Acer Timeline X  laptop from a reputable eBay vendor. I see a couple for about $400. They are new but NOT in original box. Buyer beware! But if the vendor is a good GUY, it would be a good deal.

Have you already looked at some new laptop reviews?
http://computers.toptenreviews.com/laptops/
You will have a hard time getting cool edit pro to run on Windows 7 or Vista.