Lens help

[RikWriter]

Right now, I have the 18-55mm kit lens that came with my Digital Rebel, as well as a Canon 80-200mm and a Phoenix 100-400mm zoom. I can't really afford to get a high-end Canon zoom right now, so the two I have will have to do for the time being.
But from what I have read, I have been considering buying these two lenses: the ~$100 50mm f/1.8 and the 17-40mm L USM that you can get for around $700.
Would these be a good setup? I wouldn't be able to afford to get much else for quite some time if I buy these two and I wanted to make sure I wasn't wasting my money.
Basically, I will be using them for outdoor photography plus some informal snapshots of the kids and some use at events at school etc...
Thanks in advance for the advice.

[Jim_T]

The 50mm f/1.8 is a good buy.. It's probably the most cheaply built lens Canon makes :) It's all plastic.. Even the screw on mount is plastic.. Despite that, you can't beat the price and it does take incredibly sharp photos.. Especially stopped down a bit.. I've got one. I don't use it much, but nice to have in my kit.

For the zoom lens, I think you meant 17-40 rather than 17-42.. I've never used this lens personally so I can't comment directly on how it performs. I have heard lots of good things about it.. It's not quite good as the 16-35, but it's FAR less expensive..