Proposed First Build (Video Editing)

time to step back and rethink things a bit.

1) Just how much editing are you planning on doing, and at what level? If you are doing feature length documentaries with lots of effects and layers of video then by all means stick with a Xeon build, but more likely than not an i7 is going to be more than enough for most editing workloads. High end audio editing and production is super easy for modern computers and can be easily done with an i3 processor. Again, if you are working with Maya, or doing other monster creativity work then keep with your basic build... but more likely than not it is simply overkill

2) That motherboard will not work with that processor. The socket is right, but the chipset is not. You will need a C220 chipset to work with an E3 LGA1150 processor, which is going to cost you a bit more money, and I don't think you can buy one from Newegg.
Again, probably best to keep your motherboard and get a normal i7 processor, but if your heart is set on a Xeon then go look for a motherboard with a C220 chipeset.

3) The video card has little to nothing to do with video editing unless you are using specific software and filters that take advantage of it. I am not familiar with Vagas or Albeton (I use Premere and Audition), but you will want to check with those software manufacturers to see what GPUs are supported, and for what workloads. If simply for gaming, if you have the budget then swing for a 760 at minimum. A 770 would last you a good long time if you can stretch your budget a bit.

4) Crucial makes good ram. 8GB is likely enough, but 16GB certainly could not hurt for video editing. I would keep it as is.

5) Swing for a 240GB drive if you can afford it. 120GB fills up fast, and you want your drive to be big enough for windows, programs, the odd game or two, all of your small files (documents and music), and your scratch discs (significantly improves render times). You may be able to cram all of that on a 120GB drive... but it is going to be tight. 240GB will give you some breathing room.

6) Get 2 2TB drives and put them in a RAID1. HDDs die, and never at a good time. Having a RAID1 means that if a drive dies you can still work while the replacement is on the way, and can run with a performance hit while the RAID rebuilds itself. A RAID5 is much more efficient on space... but a drive failure typically means that you are down for several hours while you get a replacement drive, and while the RAID rebuilds. If you do not want to deal with the complications of an internal RAID then save up to get some sort of server or NAS that has a built in RAID for long term storage of your files. It is really important.
On a side note, I am using the 3TB version of the Seagate drives you picked and could not be happier. They are fast, cheap, and so far reliable.

7) Good PSU. Could probably get by with a cheaper Seasonic, but the one you picked should be great.

8) Don't get a noisy gamer case. Get something with some bulk and acoustic padding to line the insides. Also make sure that it has good dust filters on all intake fans, and has mounting points for nice quiet 140mm fans. I highly suggest something from Fractal Design, or look at the Deep Silence series. This is a workstation that is going to hum along while it works, not a game rig to show off to your friends; so get something practical and quiet. This is especially important when working with audio.

Other thoughts:
As a workstation, don't bother with a K-sku i7 processor. A normal i7 will work just fine, and you can do a turbo overclock up to 4.2GHz (as thermals allow) if you want a little extra performance out of it. Doing a full overclock has potential (granted, minimal potential) to introduce instability or shorten the life of your rig, so if this is for professional work then I would save the $30 and not bother with it.
Regardless, you will probably still want to invest in an aftermarket cooler for the sake of cutting down noise. Noctua makes some great coolers, though they are a bit expensive. Personally I bought a hyper 212 Evo and put 2 nice quiet low RPM 120mm fans on it. It runs very quiet, and keeps things very cold while costing much less than a large Noctua.

Best of luck!