I'd get fitted for a new driver - maybe a Ping Rapture - ~$400.
I'd buy 6 dozen high-end golf balls - ~$250 - $300.
I'd pick up 6 golf gloves - ~$75 - $90.
Around the end of January I'd purchase a 2-month "range pass" that would allow me to hit all the balls I wanted during February and March. I think that would eat up the remaining money, or close to it.
New used set of mp-60's- $450 or so
New wedge- $100
New hybrid- $100
2 dozen Pro V1's (I've never actually bought balls that expensive before)- $80
Golf gloves- that 12 for $48 Nicklaus glove deal
So thats about $780, leaving the rest for $30 30-minute lessons with my pro and money to get my irons fitted to me.
Well, I'm just into a single figure handicap (finished 2006 season at 9.3) and don't think I'm of an age where any amount of cash is going to improve my game dramatically (wrong side of 50). I've got the custom-fit gear, I ain't going to get much fitter, just staying as fit as I am is an acheivement. I think that I would probably give the money to the junior section of my local golf club to provide decent equipment and coaching to some of the less fortunate, but talented youngsters that are coming into the game.
There is much more likelihood that they would benefit to a far greater extent than I ever could.
That is one of the nicest things I heard....Merry Christmas!