$300 seems like a lot of money and is, relatively speaking, but setting up a nice aquarium can run you lots more money than $300.
You can spend $300 just on live rock alone or a real nice skimmer. So, you need to really make some tough decisions here. But I would think you could get yourself started here with that budget.
To begin with, you will need:
1: a heater ($20. or so),
2: salt (another $20 or so),
3: a guage to determine your salinity ($5-10 maybe),
4: a powerhead or two ($20-40).
5: lights (basic probably around $30-50 (a guess) to a couple of hundred). I would recommend power compacts (I bought mine at
www.ahsupply.com, you build them yourself)
6: filter ($40--although not really needed if you go live rock and/or live sand and skimmer).
A skimmer is definitely recommended. Costs vary, probably starting somewhere around $120. on up.
Have I forgotten anything? Do you need a stand to set your tank on? It does need to be supported properly as it will weigh upwards of 350 pounds plus or so. (be sure to put your aquarium near an electrical outlet).
This is just basics to get you started. If you want to use live rock and live sand, that stuff probably goes for up to $6-7-8 a pound or so.
What I would do is buy "base" or "tufa" or "lace" rock or something like that for one or two dollars a pound. Put in 30 or 40 pounds (or whatever) along with the sand (depending on depth) maybe 50-100 pounds. If you plan on having a sand substrate, you could start out using some type of cheap play sand, etc (do a search here). Once you have your tank cycled, etc, then you can add a piece or two of live rock, pound or two of live sand to help "liven" things up a little and get a few critters in there.
Don't forget the cost of your clown fish, probably $25-30 or so. I have a percula clown that I've had several years and he has never had an anenome to play with (I don't have the lighting system needed for one). I would eventually throw in some snails and crabs (although most people don't like hermit crabs, I do). My lfs sells them/snails for 6 per $12.00.
I'm sure I'm missing a few things here. But, just the "basics really" will probably stretch your budget out. You could probably start out without a skimmer (although not advised) and get one later down the road.
Most people, myself included, start out buying the cheaper, less expensive things which will work OK for a while, but then wish that they had started out with the higher priced, higher quality items in the beginning. But money is usually very hard to come by and most of us are not willing to wait that few extra weeks/months to save and buy the better equipment.
Sorry for the rambling long post, but hope this helps you a little.
Frank