Build a system around speakers in the $5-$7.5K

I personally would purchase a used pair of Shahinian Diapasons. Like Roy said this is very subjective. Each of the best speakers available have tradeoffs. If you let us know what type of music you listen to and how important imaging, volume levels, deep bass and dynamics are then we can narrow your list. You will get many suggestions on this post. The following names however have repeatedly shown up in the magazines and Audiogon as speakers people love. (I'm sure I left a few out)
In No Particular Order
Vandersteen
Quad
Magneplanar
Wilson Audio
Avantgarde
Shahinian
MBL
Soundlab

Hey holzhauer!: what about B&W's? B&W nautilus 802's are probably the most well received pair of loudspeakers going.

Jim,
Does Stereophile or The Absolute Sound recommend the 802's? I heard them and did not like them. I found them so analytical that I would sit there criticizing the equipment and the recording all the while ignoring the music. Speakers have to sound like real live music for me to like them and the N-802's I heard did not do this. Again this is a very subjective issue and I'll admit a lot of people own the 802's. Maybe Bigkidz would like them but my personal belief is that if one were to audition my list above including the 802's they would most likely remove the 802's from their short list. Again this is subjective.

Dunlavy 5 used if you have the space 17x17 or better works good with them.

Just read these two threads:

Merlin VSM-M or VSM-MX vs. Kharma CRM3.2 series on speakers forum
Tenor Hybrid v. VTL MB-450 Sig. thread on amp/pre forum

Merlins will end up on your short list. If you speak with Bobby@Merlin, they'll stay on your short list.

Cheers, Spencer