Well, i am going to echo whats been said here, that spending 4k on that system would be a *complete* waste of time.
First off, the proc. I understand you want it to last 5 years. Keep in mind procs that are being run at stock speeds are designed to last at a BARE MINIMUM 10+ years of constant operation (I.E. in a server environment). In a gaming system you won't approach the usage cycles these procs are designed around. For example, i have a core 2 duo e6600 i've been running at 3.4ghz (stock is 2.4ghz) for almost 3 years solid. in my gaming rig and it hasnt missed a beat.
So, that being said, buy an i7 920, don't waste the money on anything above that, its just not cost effective. The reason is, you can OC an i7 guaranteed to the speed of the i7 965 with even a low end aftermarket cooler, and it will run at stock or better temperatures, which means it will last just as long as it would at stock speed.
Moving on, velociraptors are 100% waste of money nowadays unless you need something with exceptional random access times, which would things like database usage, etc. For a gaming system, you can run a pair of Caviar Black's (or if you're feeling paranoid, WD RE3's) in a raid0 and acheive 90% of the speed that the velociraptors would net you for literally 1/4th the cost.
I'm generally not a fan of dual gpu video cards, as the sad fact is very few games properly support SLI setups (and yes, dual gpu's on one card is still treated exactly like a physical dual card setup by the video drivers), and even the ones that do support it, will usually see at best a 70% increase, and usually more in the 40-50% range. Again, just not cost effective.
If it were me, i'd look at a Gtx285 or a 5870 radeon.
12GB of ram is definitely overkill, but the extra $150 bucks cost difference between 6gb and 12gb isnt that big of a deal. Plus, you gotta have something thats *ridiculous* about your setup to tell your buddies. I think as long as you're ok with knowing that its pretty much a waste of $150 (at least for the time being), you should go with 12gb of ram.
Outside of that, and i can't stress this enough, get a good quality power supply. DO NOT purchase the one he quoted you. I can tell you from personal experience that its just a bad idea to buy cheap PSUs. I had one that i spent over 3 months diagnosing random lockups and crashes that acted like overheating video cards, overheating cpu's, etc, that i later found out was because the PSU wasn't quite able to provide the juice the setup needed. and this was a 620w psu (x-finity i think it was). I also have had a PSU literally explode and shoot tendrils of lightning out of the back of my case.
IMO there are only two viable options if you want peace of mind with your PSU.
Thats the Corsair HX850 or the Antec Signature 850w. Go with the 850 if you choose the GTX 295. If you go with a gtx285 or a radeon 5870, etc, you'll be fine with a Signature 650w, or a HX750.