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Ditch the closed loop "watercooling." It'll get outperformed by a $30 Hyper 212 EVO with two fans on it, and the EVO will be much, MUCH more reliable. You also don't need the thermal paste if you get the EVO, as it already comes with pretty good stuff.

The Sabertooth you're paying $200 is an absolute rip-off. It's a mid-level board with "thermal armor" on it. All that does, of course, is act like insulation, causing the board to overheat. Go with a $150 motherboard at the very most - it'll perform the exact same.

The 520 series is for enterprise use - if you want an intel drive, go with the 335. Good picks on the ram and the hard drive, though.

Try to upgrade that graphics card if you can - the 660ti is tied with the 7870xt at $220, and beaten thoroughly by the 7950 at its price point. I'd suggest either that 7950 or a 670 - if you overclock the first, it'll run high to ultra like you're looking for, and the 670 does it without overclocking. The 660ti can run it IF you have no AA or AF - when you turn them on, it chokes.

I'd personally go with something like a Bitfenix Ghost for the case, because I don't like flash and the ghost is almost completely silent, but the case is completely up to you. Just don't go above $120 or so, as there's no point. You probably don't need the extra fans, but those are good ones to pick. I have several of each type of Corsair's lineup, and I like them all, but if you're running them with a fan controller, they get noisy at low RPM, which is unfortunate.

That power supply is overkill - it's enough to power TWO graphics cards. If you do see yourself running SLI or crossfire in the future, keep it, but if not, you only need a 550w PSU.

Finally, last two things: Consider whether you actually need a blu ray drive, especially a writer. If you're not going to be watching a LOT of blu rays or backing up data to blu ray disks, it's pointless. Most computers nowadays don't even need a CD reader.

I'd also go with windows 8 x64 OEM - there's not much point in paying for the retail version. (I'd actually go with 7, since I prefer it, but that's just me.)

 
This will be better:

PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU: Intel Core i5-3570K 3.4GHz Quad-Core Processor ($189.99 @ Microcenter)
CPU Cooler: Corsair H100 92.0 CFM Liquid CPU Cooler ($97.99 @ Newegg)
Thermal Compound: Arctic Silver 5 High-Density Polysynthetic Silver 12g Thermal Paste ($14.52 @ Amazon)
Motherboard: Asus P8Z77-V LK ATX LGA1155 Motherboard ($114.99 @ Microcenter)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory ($62.99 @ Newegg)
Storage: Samsung 840 Pro Series 128GB 2.5" Solid State Disk ($139.18 @ Amazon)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($69.98 @ Outlet PC)
Video Card: Sapphire Radeon HD 7970 3GB Video Card ($382.38 @ Newegg)
Case: Cooler Master HAF 922 ATX Mid Tower Case ($79.99 @ Newegg)
Case Fan: Corsair Air Series AF120 Performance Edition 63.5 CFM 120mm Fan ($14.99 @ Amazon)
Power Supply: Kingwin Lazer Platinum 850W 80 PLUS Platinum Certified ATX12V / EPS12V Power Supply ($109.99 @ Newegg)
Optical Drive: Asus BC-12B1ST/BLK/B/AS Blu-Ray Reader, DVD/CD Writer ($54.98 @ Outlet PC)
Operating System: Microsoft Windows 8 Full (64-bit) ($99.99 @ Newegg)
Total: $1431.96
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-04-14 20:50 EDT-0400)

If you're getting a closed loop water cooler, either get a dual rad or just go back to aircooling.
Cheaper motherboard, Sabertooth isn't worth it
Faster SSD
Upgrade the GPU to 7970
850w 80+plat psu at a cheaper price.
 
The H100 comes in a combo deal with the i5-3570k, making it $20 cheaper. He can definitely upgrade to the h100i and not get the $20 combo. The H100 is still a good cooler, nonetheless.
The psu is actually a good one. Kingwin Lazer is made by super flower.