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Can $400 (American) pay for rent, food, public transit, basic living long(ish)-term in Melbourne or would that mean you're scraping by?
Can you live on $400 a week in Melbourne?
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Depends what the exchange rate is at the time.
... and where and how you want to live. Are you looking at renting a flat (apartment), sharing a house or hostel type accommodation?
The exchange rate is currently about AU$1 = US$0.92, so US$400 = AU$435. The AU$ though is currently forecast to each parity with the US$, perhaps as early as Jan-Feb 2010.
You won't be living the high life on that. A room in a shared house (typical student digs) close to the city may cost $130-150 pw, plus your share of utilities. Take-away food is more expensive here and you'd be advised to do a lot of your own cooking. Beyond that we'd need to know more about your preferred lifestyle.
Interesting that's just a bit more than an Australian Postgraduate Scholarship ($20,000 p.a tax free). Students end up with about $385 per week, which suggests to me it's possible but would be a frugal existence.