Does that motherboard really use the 5xx series Nvidia chipset? Does that chipset even support quad CPUs? I'm not sure what board that is, but you probably want something newer if I'm right.
Why are you getting two 160GB harddrives? If your looking to set up an AID0 array with them, skip that idea and get a single larger faster drive. The WD 640GB drive is a good idea, as are the larger 1TB drives. Platter densities help make them faster then the 160GB drives, and you'll have tons more space. Not to mention that you won't have any RAID driver issues.
Your getting a 1GB video card to run a 17" monitor? Drop down to the 512MB version, or get a nice 24" or larger screen. Either or.
Is the Fatal1ty version really needed? There is probably a slightly different version that costs a bit less. Also, what speakers will you be using? Don't spend $$$$ on a soundcard only to use a cheap set of speakers. The speakers won't be good enough to justify the cost. (only do this if you will upgrade the speakers at some point.)
Yes, 750W is a bit much. You should look into getting a QUALITY 500-600W PSU. If noise is a concern however, the heatpipe Zalman is pretty quiet, so its not a bad idea to get it. Up to you.