Help with lens purchase

Since there seem to be a few camera pros on here I was hoping someone could help me with a lens purchase decision.

I currently have a Cannon Digital Rebel and I am looking for a good lens to take portraits and up close & personal shots. I have heard from a few people that a 50mm lens is good? Any thoughts, tips or comments are appreciated. My budget is around 400.00 - 500.00

Thanks in advance.

I have the Canon 50mm 1.8 it works great for portraits.....only about 80 bucks too. Here is a sample

here is another...with a little ps work

i also just got a canon 70-200 f4L.....awesome quality, awesome pics. Can't wait for summer to get some wakeboarding shots. I found this lens BNIB for $500 Here is a sample

Thanks, anyone else have any thoughts? Not sure if the focal length of just 50mm will suit me.

Well... you mentioned the 50mm and for $75 you cant really go wrong... its a great lens but obviously its a prime. With your budget the lens that Jeff mentioned would be a good purchase. Also, Sigma makes a great 70-200mm f2.8 for around $700... they also make a 24-70mm f2.8 for closer to $400. All depends on what focal range you are looking for.

Ya I have a Sigma 70-300 but only 4-5.6 and does fairly well for the price. I think I may purchase the Canon 50mm 1.4, a photographer friend of mine said that should be a good choice.