To answer this question one needs to calculate first what this would mean in real money … ok, just kidding and no jokes on the financial crisis here … but just for the records today this would mean 762,718€ ;).
If I could spend this totally free, so no need to yield to reason like keeping money for bad times or buying a house in a few years … then probably the iPhone would be an excellent way to spend the money. Only problem then would be the needed contract that will be more expensive in the end than the given 763€.
Ok, what then, I am definitly in need of an external hard disk to finally take "Time Machine" into use on my Mac, so that would be a good choice and as external hard drives are not too expensive nowadays there would be even some money left to do something reasonable with then :-).