Re: My First Build!
if you want to save some cash you can downgrade the i7 to an i5 3570K since they both practically have the same gaming performance. You can also downgrade the PSU since even if you overclock everything you probably won't need anything more than 600watts unless you SLI or Crossfire in the future. The motherboard is really expensive too. you can easily find a $130 mobo with plenty of additional slots and the ability to do some pretty good overclocking. I have the $190 version of that mobo and I feel like I overspent.
If you do stick with the i7, get the 3770K since it's a newer generation of the i7, you have the motherboard for it (Z77). They are practically the same price.
if your resolution is at 1920x1200 or lower I'd go for the 7970 or 670 since the extra price for the 680 on such resolutions doesn't really give you much of a performance boost.
It all ultimately depends on how much you want to save cash. If that doesn't really matter, then go for it.
btw, seeing a 500GB HDD with all this high end gear confuses the hell out of me expecially since 1TB is only like $20 more.