I have a (gateway) nvidia 8800 GeForce GT that got fried. I am totally clueless when it comes to this stuff. I mainly used my PC for gaming. Im willing to dish out (up to) $500. So my question is....what am i looking for in a video card? Where should I start? Anybody knows about this stuff?
I went from that card to a Radeon 5850 and im very impressed with it. That was about 6 months ago though so you may be best to look at this site (http://www.tomshardware.co.uk/graphics-card-radeon,review-31911.html) and have a look at what fits your budget
The Radeon 5870 is a better performer than the 5850 and easily within your price range. On the nvidia side, they've just launched the GTX 480, but you'll wind up paying much more than the 5870 for only a couple of extra FPS. Go with the 5870.