Overall your build with the suggestions from Bohleyk is great, however, I would like to suggest actually going for an i5 system + SSD. I have recently built an i5 + SSD system for ~$1500 and I've since given my older ~$1800 i7 w/o SSD system to my sister.
I use my system for the same things you do, minus the school work. If you're concerned about the limited x16 lanes, get a mobo with 2 x8 lanes and performance drop is unnoticeable.
http://www.anandtech.com/mb/showdoc.aspx?i=3649&p=7
Likewise, the performance difference btwn triple channel and dual channel memory is negligible. As is the difference btwn DDR3 1066 and DDR3 1600.
http://www.tomshardware.com/reviews/memory-scaling-i7,2...
Now with all that said, while the two systems may similar performance, using the money saved to buy a SSD boot drive makes a world of difference. I've gone to the point on my i5 system where I have firefox, photoshop, word and adobe writer all running on startup and I still have a boot time of ~50 secs. This is the time btwn when i press the power button and I'm typing or browsing. All this on top of normal background stuff (CCC, Threatfire, Symantec, Everest, Riva tuner, Speedfan etc.).
On my i7 system the boots time is ~ 3 min to do all this stuff. Gaming wise Dragon Age Origins (which has horrendous load times) I get <5 sec load time with it on a SSD, while ~15 sec load times on the Spinpoint F3 on the i7 system. I could keep going, but I think you get the point ^^
That said here's a lis tof changes and their prices
CPU- i5 $149.99
http://www.microcenter.com/single_product_results.phtml...
Mobo-Gigabyte P55 UD4 $149.99
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Ram- G SKill Ripjaw 7-7-7-21 $99.99
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Total $399.97 Free Shipping/ Pickup the CPU at a Micro Center
Your Build
Ram - $154.99
Mobo - $219.99
CPU- $288.99
total savings $264
Intel X-25m G2 80gb $249.99
http://www.mwave.com/mwave/skusearch_v3.asp?scriteria=B...
There ya go, a revised build with an SSD that's $14 less.
Also you can save some more by getting a better HSF.
http://www.frostytech.com/top5heatsinks.cfm
Cooler Master Hyper 212 plus- $29.98
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
$44.99 for the V8 you linked.
Casewise for $10 more consider the Thermaltake Element G $99.99
http://www.tigerdirect.com/applications/SearchTools/ite...
I use a 922 for my i7 and a element g for my i5 build, and I actually like the element G more. Mostly cuz i don't need to duct tape my SSD in (its got mounting space for 2 SSD's) =D Buncha other minor things I like more as well. The extra side fan (huge diff in temps), more filters, fan controller that also lets you turn off the lights, etc.
Edit: If you don't have a microcenter near you, just shell out $21 more total to get one from newegg. (you save $29 with the HSF and other changes I mentioned)