Is it realistic? Definitely. Could we on [H] do it? Likely not. The group we reside in is the polar opposite of "budget". We buy 30 inch monitors and several high end GPUs not because we just want to play games, but because we want to play games at extremely high levels.
If the goal is to bring console level experience to a desktop, a computer could be built on an extreme budget that would allow you to play at decent frame rates at low - medium quality settings when using a relatively low resolution.
This. Just because we spend a fortune doesn't mean we have to.
In the end, the relationship between PC and console gaming is too different and analyzing the costs of either is too inconsistent to reasonably quantify. But it makes for great forum fodder