Way Over Budget -- HELP!

So what do you need the cost reduced too?
Also your issue isnt so much with spending too much on this build, but rather the distribution of spending and how that ties into your goal (Gaming).

Mobo - Get an AsRock Z77 Extreme4 or Gigabyte GA-Z77X-D3H. You really dont need an expensive motherboard.
RAM - Get 8GB of 1600Mhz CL9 RAM. For gaming 8GB is more than enough, and above 1600Mhz there is little performance difference for a massive increase in price.
CPU - If your just gaming, an i7 is pointless. Go for an i5-3570k, its all you need for gaming.
PSU - If having dual graphics cards are a concern, get a 750W. If not, then get a 550-650W. XFX, Seasonic and Corsair are the brands to go for. Also its probably not worth getting an efficiency higher then Bronze. PC's consume so little power that 5% better efficiency will end up saving you less than the higher efficiency costs in the first place.
Sound Card - Unless you already have a beastly surround setup or very expensive headphones, dont spend more than $20 if at all.

Use the ton of money you saved from doing the above to get a better graphics card (a 7970 maybe) and a CPU heatsink so you can overclock.

Also, may be worth holding off on buying this for a few weeks. Nvidia have just started releasing their 700 series cards, and Intel are dropping Haswell on the 3rd of June. Its probably worth sitting back and seeing if that changes the market a bit.

Yeah, that graphics card doesn't belong in a build like that...go with what manofchalk said.

Warranties...
Depends on your value of it. Most of the components will come with a 3-5yr warranty, at minimum one year in the case of the HDD. If a component breaks anytime soon it will be under warranty, and if its out of warranty you should probably upgrade it anyway.

I personally dont put much value in warranty, the stuff I do to my components probably voids the warranty and from my experience its hard to claim a warranty anyway.

I think you suppose go for X79 if you going to spend on a motherboard at that price range or else go with Asus P8Z77 Pro, Msi Z77 Mpower, Msi Z77-GD65 gaming, Gigabyte Z77 Sniper3 since you almost are going to build gaming rig, most likely.
On Graphic card section,its better you go with 7950 either asus, gigabtyte, msi or sapphire will be enough to make you system look much more balance, but if you only persist going with 7870, msi r7870 Hawk could be the choice but i will not recommend it.
Memory,RAM, are you combine 2 different brand? If yes, it will not be recommended since it only causing more problem to your system, but i forget the website.
Anyone that help to give additional info and improve my answer would be nice!
#A newbie answer, not put 100% trust on me, thanks!#

If your on a budget or your overclocking aspirations aren't that high, a Coolermaster Hyper 212 EVO is a great heatsink. Will let you hit ~4.2Ghz with decent temperatures quite easily.
IMO mid-range cooling isnt worth it, if you want cooling better than a 212 EVO jump straight for a Noctua NH-D14 or similar big air cooler.

It assists the transfer of heat between two surfaces, namely the CPU and heatsink. Bare metal on bare metal isn't going to move heat well, the paste fills the gap and allows better conductivity.
If you go with a stock heatsink there should be some pre-applied to the cooler. The 212 EVO I mentioned before comes packaged with some as well.

Crucial Ballistix Sport 8GB would be suffice, drop that Xtreem. Change the motherboard to gigabyte,maybe and cpu to i5 3570K like manofchalk said.

What are you trying to reduce the cost too?

Where are you buying from?

CPU: core i5 Haswell highest level
Mobo: any good Gigabyte or ASrock
CPU cooler: Hyper 212 evo cooler
GPU:7870XT 2 way crossfire
PSU: any good 750W power supply
RAM:2x4Gb DDR3 1600MHz
or get this:
[PCPartPicker part list](http://pcpartpicker.com/p/106Si) / [Price breakdown by merchant](http://pcpartpicker.com/p/106Si/by_merchant/) / [Benchmarks](http://pcpartpicker.com/p/106Si/benchmarks/)

Type|Item|Price
:----|:----|:----
**CPU** | [Intel Xeon E3-1240 V2 3.4GHz Quad-Core Processor](http://pcpartpicker.com/part/intel-cpu-bx80637e31240v2) | $259.98 @ SuperBiiz
**CPU Cooler** | [Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler](http://pcpartpicker.com/part/cooler-master-cpu-cooler-rr212e20pkr2) | $29.69 @ Outlet PC
**Motherboard** | [Gigabyte GA-B75M-D3H Micro ATX LGA1155 Motherboard](http://pcpartpicker.com/part/gigabyte-motherboard-gab75md3h) | $72.98 @ Outlet PC
**Memory** | [G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1866 Memory](http://pcpartpicker.com/part/gskill-memory-f314900cl9d8gbxl) | $60.59 @ NCIX US
**Storage** | [Samsung 840 Series 120GB 2.5" Solid State Disk](http://pcpartpicker.com/part/samsung-internal-hard-drive-mz7td120bw) | $89.99 @ Amazon
**Storage** | [Western Digital Caviar Green 1.5TB 3.5" 7200RPM Internal Hard Drive](http://pcpartpicker.com/part/western-digital-internal-hard-drive-wd15ezrx) | $79.99 @ Newegg
**Video Card** | [PowerColor Radeon HD 7970 3GB Video Card](http://pcpartpicker.com/part/powercolor-video-card-ax79703gbd52dhv3) | $329.99 @ NCIX US
**Sound Card** | [Encore ENM232-8VIA 24-bit 96 KHz Sound Card](http://pcpartpicker.com/part/encore-sound-card-enm2328via) | $8.98 @ Outlet PC
**Power Supply** | [Corsair Enthusiast 750W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply](http://pcpartpicker.com/part/corsair-power-supply-tx750v2) | $69.99 @ Newegg
**Optical Drive** | [Asus BW-12B1ST/BLK/G/AS Blu-Ray/DVD/CD Writer](http://pcpartpicker.com/part/asus-optical-drive-bw12b1stblkgas) | $49.99 @ Newegg
| | **Total**
| Prices include shipping, taxes, and discounts when available. | $1052.17
| Generated by PCPartPicker 2013-05-26 05:59 EDT-0400 |
Get the Same monitor and maybe some other case(your choice) and ditch the OS and use Linux or Free Windows...(If you know what I mean...) then you are done. should cost you around 1400$ or even less. If you have the money go for another 7970 and put them in crossfire. It should give you the ultimate experience for about 1750$