Building a new ~$1,500 video editing / gaming build

Budget: $1,500, or less if possible.
What Parts Do I Have?: None.
Usage: I wish to do video editing, play modern, resource intensive games on decent settings, and surf the web.

Approximate Purchase Date: This week or the week after.
Am I buying a monitor: Yes
Do you need to buy OS: Yes

Location: Taipei, Taiwan [Unless someone on here knows better than me, I think the parts here are a shave cheaper than in the States. Feel free to calculate with Newegg -- I am also fairly certain that any parts you can get in the States, I can find here. If I encounter difficulties finding the suggested parts, I hope that I can come back here and discuss it further.]

Why Am I Upgrading: I currently have a 4 year old laptop that constantly crashes, and I've come into some money, and I want a nice system again, for the love of christ.

CPU Intel Core i7-3770K 3.5GHz Quad-Core
CPU Cooler Noctua NH-D14 65.0 CFM
Motherboard Asus P8B75-M/CSM Micro ATX LGA1155
Memory Corsair Vengeance LP 16GB (2 x 8GB) DDR3-1600
Storage Plextor M5S Series 128GB 2.5" SSD
Storage Western Digital Caviar Blue 1TB 3.5" 7200RPM
Video Card EVGA GeForce GTX 670 2GB
Case NZXT Tempest 410 ATX Mid Tower
Power Supply XFX 550W ATX12V / EPS12V
Optical Drive Lite-On iHAS124-04 DVD/CD Writer
Monitor Asus VE247H 23.6"
OS Windows 7 64bit

Total: $1,466

Note: I essentially read this thread, taking into account the suggestions people wrote to create this build. I have absolutely no clue if this build is functional, excessive, etc. I don't know the answer to questions like "do modern games require two graphics cards" etc.

Thank you very much in advance for your assistance, and I hope I've been clear enough in the OP.
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More about building 500 video editing gaming build
  1. You picked an unlocked chip and choose a board that doesn't allow for overclocking...

    Consider the following:

    PCPartPicker part list / Price breakdown by merchant / Benchmarks

    CPU: Intel Core i7-3770K 3.5GHz Quad-Core Processor ($229.99 @ Microcenter)
    CPU Cooler: Noctua NH-D14 65.0 CFM CPU Cooler ($79.12 @ Amazon)
    Motherboard: MSI Z77MA-G45 Micro ATX LGA1155 Motherboard ($109.99 @ Amazon)
    Memory: Corsair Vengeance 16GB (2 x 8GB) DDR3-1600 Memory ($109.99 @ Newegg)
    Storage: Samsung 840 Series 120GB 2.5" Solid State Disk ($89.99 @ Amazon)
    Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($62.98 @ Outlet PC)
    Video Card: Galaxy GeForce GTX 670 2GB Video Card ($349.99 @ NCIX US)
    Case: Corsair 200R ATX Mid Tower Case ($39.99 @ Newegg)
    Power Supply: Rosewill Hive 650W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($59.99 @ Amazon)
    Optical Drive: Lite-On iHAS124-04 DVD/CD Writer ($14.99 @ Newegg)
    Monitor: Asus VE247H 23.6" Monitor ($152.99 @ NCIX US)
    Total: $1300.01
    (Prices include shipping, taxes, and discounts when available.)
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