Here is a cheaper build if you want to save money. And yes the 7950 will be great as well. Not including the hard drive, os or disk drive as you mentioned.
PCPartPicker part list:
http://pcpartpicker.com/p/1YzZh
Price breakdown by merchant: http://pcpartpicker.com/p/1YzZh/by_merchant/
Benchmarks: http://pcpartpicker.com/p/1YzZh/benchmarks/
CPU: AMD FX-8320 3.5GHz 8-Core Processor ($158.97 @ OutletPC)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($29.98 @ OutletPC)
Motherboard: ASRock 970 EXTREME4 ATX AM3+ Motherboard ($99.99 @ Newegg)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory ($74.99 @ Newegg)
Video Card: PowerColor Radeon HD 7950 3GB Video Card ($235.98 @ SuperBiiz)
Case: Corsair 200R ATX Mid Tower Case ($49.99 @ NCIX US)
Power Supply: Corsair CX 600W 80 PLUS Bronze Certified ATX12V Power Supply ($54.99 @ Microcenter)
Total: $686.89
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-11-06 23:23 EST-0500)