well you never know what you need a graphics card for. mabey you will find a game you want later on. also it makes it more future proof. On newegg you can get a 5670 for 120. plus i don't think many intel motherboards come with integrated graphics.
also you should think about i5 750 with your budget.but if you are fine with i7 920 (budget wise) than why not get i7 930 only 30 $ more at microcenter
I'm not up on what your needs will require because I don't mess with such things. If your doing a lot of multitasking and using VT, I'd stick with the i7 from what I know. If you'll be running two OS's a lot of the time and both have pressing needs, then I'd spring for 6x2GBs for the ram. This way each OS has 6GBs at its disposal. Other then that I'm not sure what else you'd need because I don't use VT.
Is your budget really $800? Gkay's build looks good for what you want to do, but there is at least one caveat.
Without a microcenter nearby, it's going to be rough fitting an i7-930 and 12 GB RAM on that budget. The microcenter price is in-store only, I believe. If you have one near you, you're set...but a lot of people don't have that option.
I do, however, agree that an i7 with at least 12 GB of RAM would be ideal for a virtualization sandbox.
The 5450 Gkay suggests will be fine for your resolution (unless you decide to start gaming).
Correct on the card. It might be 1080, but if you're not doing anything "big" then no worries. Even the 9800pro from years ago should be able to display 2D images at 1080 resolution. Its only if your trying to play games at that resolution would the 9800pro/5450 have problems. If you'll be doing any gaming on it then you'll need a better card. If gaming for you means breaking out spider or freecell then the 5450 is fine.