Looks like you've done your research (good to see a spinpoint f3 in there ).
Everything you've listed so far is compatible. Your i7 will come with a small aluminum CPU cooler which will do just fine as long as you're not overclocking. Good call on getting an ATI card, and an XFX at that. Your PSU is a good brand, has an 80+ certification, and will be enough power for the build you have listed. It also has the necessary connectors for your video card.
For RAM, you'll want to look for G.Skill Ripjaw, it's availabe at Newegg, as well as many other places Im sure. You'll want to get Dual Channel DDR3, as that is what your motherboard supports.
Trying to keep it under $1500 but i am in Canada and unable to get the same prices newegg offers. Im going to search a couple Canadian websites and figure out pricing.
Hopefully the G.Skill Ripjaw is available here in Canada. I'll find out in a minute or two.
Thanks djg9205 i really appreciate all your advice.
for that budget why not go with an amd processor and use the extra cash to get a better graphics card? everything you listed does not require that much cpu power. for gaming you need the best graphics card you can get.
I would recommend going from an i-7 860 to an i-5 750 to save urself 80 bucks. With that extra cash, upgrade and purchase an ati hd5770.
There is no difference between i5750 and i7860 for gaming. You can keep your mobo but the gigabyte ud3p which is about $10 more gives you usb 3.0/sata 6gb if you want it for the future. Also, if you want a cpu cooler/fan, one that a lot of people recommend on these forums seem the be the coolermaster hyper 212 plus heatsink, but if you are not going to overclock, then you can use the stock fan that comes with your cpu.
Like i said before the computer will be used more for video editing and sound recording and editing. So from what i have read the i7 860 would be better. I've just run into another problem though. I cant seem to find the motherboard (GIGABYTE GA -P55M-UD4 LGA 1156 Intel P55 Micro ATX ) in Canadian online stores. Is there another Motherboard that would work well with this setup? I'm not to worried about a better graphics card unless this one is really not a good choice.
Yes, you are correct. Video editing and sound recording/editiing both rely much more on the processor than the video card, so you would be better off going for the i7 860 than an i5. Your video card, coupled with that processor will allow you to play most anything you want on high settings. All in all, the components you initially selected are good choices for your purposes.
Regarding your motherboard question:
The motherboard indicated in the private message you sent me will work just fine. Basically, what your looking for is an ATX, socket 1156 motherboard with dual channel ddr3 support and a pci express 2.0 x16 slot. The Intel DP55WG is all of those things. I do however notice that many reviews of that motherboard indicate that its LAN connection is not natively recognized by Windows 7, and you may have to download and install your own drivers to get it to work. So keep in mind that if you plan to use Windows 7, you may have a small driver issue on your hands. If this is the case you can always post back here on the forums, or if you have absolutely no other options, installing a simple 10 dollar PCI LAN card would always fix the problem.