Definitely the computer. You can do much more with a computer than you can do with an Xbox 360, or an iPhone (in fact, you can do much more with phones 1/3rd the cost of an iPhone than you can do with the iPhone itself). I guess it depends on what sort of computer it is, but if it's better than the one you have now, go for it. The Xbox 360 isn't that great, and is prone to breakage. You won't be missing out on much if you don't get it. However, if you don't desperately need a new computer, I guess you could get the Xbox 360 if you really want it. Just don't get the iPhone, it's not worth your money.