My new DVD player...CABLES?!?!?

[BottlesOf]

So I recently bought a new dvd player, my previous one was like 5 years old, so I wanted one that would project a gangster image on my HDTV.

I found the right player and it was only like 110/120, so I was pleased, as I thought I'd be spending more. So I hook it up and realize it only has the crappy red/white/yellow analog cables.

I need the RGB component or HDMI cable. I go to BB b/c i have some of my gift card left, but the HDMI cable he shows me is some Monster cable for $150!!!!!!!!!

So my questions are these: Do I need monster cables? Is there a cheaper alternative that has practically the same quality? I have an HDTV but it's not top of the line. I will spend some money to make my DVD image look good, but i'm not an AVphile.

Do I need to go HDMI at all or will the component do the trick?

How much should I be planning on spending, what are my options here?

All input (except analog) appreciated.