Hey Isabel,
I'm somewhat new here too and won't have my M60 and QS8s until Friday, but from what I've heard about these speakers, I won't be disappointed. Now about your situation - it appears to me that if you return the TV and receiver and find them elsewhere at lower prices, and ditch the extended warranty, you should be able to get the M60 and a very decent sub. while still saving money from your original budget.
I haver personally bought extended warranty twice in my life, once on a used car and once on a video camera. I haven't needed it yet. A friend of mine who used to work at Future Shop said the extended warranties were where they made a killing. It is really rare that anyone will need them, if you even remember you have it or where you put your warranty card. Something to think about.
Good luck and let us know how your story ends.
Rocky
