Thanks Nikorr, and here are my components I'm considering and have:
Motherboard:
http://www.asus.com/websites/global/products/Lal9C5bJV9ftCc7k/P_500.jpg
Case: Corsair Obsidian 650D (Blk) Mid-Tower - buying
CPU: Intel Core i7-2600k (unlock) - have
OS: Windows 7 Ultimate - have
Power Supply: Cooler master silent pro gold 800w - Not sure if compatible to MB?
Memory: 8GB GSkill RipJaws X Series - buying
SSD: 120GB OCZ Vertex Turbo - have
HDD: 1TB Seagate Barracuda 7200.1.2 - have
HDD: (May get another one?)
Optical Drive: Samsung Blu-Ray Combo Internal 12xbluray ROM/DVDRW DL & Ram Lightscribe SATA II - have
Graphic Card: Zotac NVIDIA GeForce 8800GT AMP! Edition (later will buy a newer card when prices go down) - have
CPU Cooler: Corsair CWCH80 or 100 Liquid cooler - buying (?)
Am I missing anything, do let me know - I've been on this site; and others; googling items;and watching youtube on "how to build PC" and "unboxing items." I'm all excited to start building. My present PC it's doing its best but it needs a rest. Everything I have bought so far is under $700.00 (shopped around even on ebay) and will do approximately $530.00 for the rest of items.
So tell me what you think and what needs changing for me to have a "high performance" PC that will do everything and last long (up-gradable).