One of my new favorite under $10.00 red wine is Luzon Jumilla 2004 (Spain).
The winery is located some 200 miles south of Madrid.
This wine is a blend of 65% Monastrell and 35% Syrah. It shows qualities way beyond its $7.00 price tag.
If you want to find more under $10.00 (red and white) wine suggestions read Who knew a $10.00 bill had such a nice bouquet in New York Times.