About 5 threads (one started this weekend) with a very similar subject matter all below this one. First, if you want to stop movement and low light capabilities you will need fast glass. That is something that point and shoots do not have. You need a dslr back and f2.8 or better glass. If you need a small dslr for cheap, look at the rebel xt from canon. Buy a 50mm f1.8 and your set.
If you want zoom, you can buy a canon 70-200f2.8, but that will run you a grand or more.
Here is the problem, with a 250 price range you can get lots of point and shoot cameras. They will take quite adequate snapshots in daily circumstances with adequate lighting and at adequate ranges. However, they were not designed for lowlight and/or long range shooting.
You need the right tools for the right application.
With a dslr back, you can come equipped with the right lens for the right application. You also have an almost endless amount of flexibility on you shooting options instead of the few options for controlled shooting that a P&S uses.
Good luck in your search.
You may just want a p&s for your wife's graduation. Or not. If not, bump you budget up and look at buying the tools for what you need.