Wheel is dead

After taking my the hub apart on my mountain bike wheel last night and reporting the findings to the collective knowledge of singletrackworld, I am afraid that it is dead.
The wheels were £125 including tyres and tubes which are alone worth more than £50 meaning that the wheels themselves were very cheap. You know what they say about cheap stuff??
Well you get what you pay for and this is the second set of wheels that I have had from on-one and it will certainly be the last.
So what next? I am pricing up some options, but given that we have just had the floors done and are having new windows in a few weeks, I think I may have to wait a little while before I get that bike back in action. (I should add to that list that I am also about to build up a new winter road bike that is yet to be paid for)
On the positive side, I have had another successful weekend on eBay and have sold the insulated vest that Dad bought over from the US that was too big for me for £15 more than it cost along with another couple of bits and pieces so there is still a little in the PayPal piggy bank.