Anyone willing to give me peace of mind about this config?

Nope, sorry. There is no more peace of mind and now that you have started there is no turning back. Life as you knew it before your first build no longer exists. You are addicted and there is no cure. Just like Winchester you will have to keep building.
Ohh...the computer.
MB- ok... edit: Dont get the lite edition
PCU switch to e8500. almost the same price.
RAM get 4-4-4-12 @ 1.8v
GPU HD4850
HDD WD6400aaks

You will get more for your $ but what you picked out should work fine too.

Well I guess now I know where all my spare money will be going from now on

Thanks for the advice.

I agree with Knotknut.

Get the P5Q Pro, not the P5QL.

Mushkin makes some good RAM that actually works at 1.8V.

Add an RC-690 case (also from buy.com; they also call it CoolerMaster 690 or CM 690, same thing; just make sure you get the variant without a PSU, and add the 650TX).

Get Vista Home Premium 64-bit.

If you need a burner get a SH-S223Q or some other SATA drive.

For the GPU, Visiontek and Sapphire are the most trustworthy AFAIK.

You don't really need a sound card, floppy disk, network card, etc...

You didn't say what this PC will do. We all assumed it's for gaming, because you started with a gaming video card. If it's for gaming only, E8500 is perfect. If not, Q6600 may be better, but it depends on what else the PC will do. If you get the Q6600 make sure you get a "retail" version because the "OEM" version doesn't come with a CPU cooler. The E8500 does come with a cooler (there's no OEM version AFAIK).

u already have good set up. just make sure ur using a branded power supply. at least 650W. i was having lock up issues ( about 5-10 seconds) from time to time but resumes after 10 secs when i was using a generic PSU. everything is working after changing my PSU to CoolerMaster Real Power Pro RS-650-ACAA-A1 . Hope this helps!