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There won't be an issue mounting the old lenses from your film Nikon SLR to a new Nikon digital SLR, but the effective focal length will be affected. If I recall correctly, the effect would be roughly double.
Also, if you're looking to stay under $500, you'll be looking at either a used or refurbished model or a new D3000. If you're willing to spend a little extra, you should be able to get into a new body-only D5000 for between $500 and $600.
Personally, I would spring for the D5000 since it has the same sensor as the D90 and a higher native ISO than the D3000 (3200 vs 1600). The only real drawback is that the vibration reduction (VR) isn't built into the body, so you have to buy VR lenses to get that functionality.
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