Great PC Build? (Stay Around $700 The Cheaper The Better)

Solution
If you wanted to stick to an AMD overclocking build this is what I would do:

PCPartPicker part list / Price breakdown by merchant

CPU: AMD FX-8320 3.5GHz 8-Core Processor ($149.95 @ SuperBiiz)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($24.99 @ Newegg)
Motherboard: Gigabyte GA-970A-UD3P ATX AM3+ Motherboard ($74.99 @ Newegg)
Memory: G.Skill Ares Series 8GB (2 x 4GB) DDR3-1866 Memory ($78.30 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($55.98 @ OutletPC)
Video Card: MSI Radeon R9 270X 2GB TWIN FROZR Video Card ($169.99 @ Newegg)
Case:...

numanator

Honorable
If you aren't dead set on overclocking or an AMD build, this is what I would do:

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4460 3.2GHz Quad-Core Processor ($179.99 @ Newegg)
Motherboard: ASRock H97 PERFORMANCE ATX LGA1150 Motherboard ($70.00 @ Newegg)
Memory: G.Skill Ares Series 8GB (2 x 4GB) DDR3-1866 Memory ($78.30 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($55.98 @ OutletPC)
Video Card: MSI Radeon R9 270X 2GB TWIN FROZR Video Card ($169.99 @ Newegg)
Case: Zalman ZM-Z9 U3 (Black) ATX Mid Tower Case ($67.81 @ Mwave)
Power Supply: XFX 550W 80+ Bronze Certified ATX Power Supply ($59.99 @ NCIX US)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($19.98 @ OutletPC)
Wired Network Adapter: TP-Link TG-3468 10/100/1000 Mbps PCI-Express x1 Network Adapter ($11.99 @ Amazon)
Total: $714.03
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-08-15 17:18 EDT-0400

Changed CPU to an i5 (4 cores but each core is far more powerful). The i5 4460 is locked so it cannot be overclocked.
Changed PSU to a XFX 550w. Corsair CX/VS/CSM/RM series all use cheap capacitors (cx series is the worst of the lot), I don't really recommend them. Only good corsairs are the HX/TX/AX series but they are all overpriced.
 

numanator

Honorable
If you wanted to stick to an AMD overclocking build this is what I would do:

PCPartPicker part list / Price breakdown by merchant

CPU: AMD FX-8320 3.5GHz 8-Core Processor ($149.95 @ SuperBiiz)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($24.99 @ Newegg)
Motherboard: Gigabyte GA-970A-UD3P ATX AM3+ Motherboard ($74.99 @ Newegg)
Memory: G.Skill Ares Series 8GB (2 x 4GB) DDR3-1866 Memory ($78.30 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($55.98 @ OutletPC)
Video Card: MSI Radeon R9 270X 2GB TWIN FROZR Video Card ($169.99 @ Newegg)
Case: Zalman ZM-Z9 U3 (Black) ATX Mid Tower Case ($67.81 @ Mwave)
Power Supply: XFX 550W 80+ Bronze Certified ATX Power Supply ($59.99 @ NCIX US)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($19.98 @ OutletPC)
Wired Network Adapter: TP-Link TG-3468 10/100/1000 Mbps PCI-Express x1 Network Adapter ($11.99 @ Amazon)
Total: $713.97
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-08-15 17:31 EDT-0400

Air cooling is typically quieter/better than liquid cooling but the coolers are larger IMO.
 
Solution