Image from Domino via Flickr
I actually tried to do yellow/gray in one of our guest bedrooms, but it didn't quite work out. I couldn't find the right fabric combination that I liked...until now (although I've already gone red/gray in that bedroom).
I think this fabric combo below would be dynamite for a bedroom - and the fabrics (from Waverly) are all under $15/yard, so they should fit a smaller budget nicely.
I would use this floral fabric (Bliss Silver Lining) for an upholstered headboard and bedskirt, much like the photo above. I would keep my sheets classic white with perhaps a mustard colored blanket and a large decorative pillow in an accent color.
I would use this stripe (Sidewalk Stripe Silver Lining) to upholster an arm chair (like a wingback) and pair it with a small end table and floor lamp.
And I would use this fun geometric (Cross Section Charcoal) for curtains.
Pair the combo with some great art and lamps like the inspiration photo, and voila! Instant bedroom chic.