Are you going to be using this for gaming? If so, you won't need 12GB; 6GB will be plenty.
I suggest you consider a Samsung Spinpoint F3 or Seagate 7200.12; both series perform better than a similarly priced WD (because they use a 500GB/platter design).
Lastly, is there any specific reason you want an H50? There are a few air coolers that are less expensive, but perform better.
Using this for work and light gaming. I could probably get by with 6gb. on the H50, what do you suggest? I just figured it would be good so it dosen't take up a lot of space in the case. Im open to suggestions! How is the mobo?
The mobo rocks, I paid $190 for mine on sale at new egg and I could not be happier. It's about $100 less than the other 1366 boards and it has the new sata and usb ports, awesome awesome board for the price.
The caviar green drive will be the slowest part of your system, go caviar black or spin point f3 for sure.
No need for the liquid cooler, the hyper 212 plus is just as good and goes for under $30 at amazon. Actually, unless you want to overclock the stock cooler is fine, but I got the 212 which is the best price to performance cooler you can get, it still is near the top at frostytech.
Definitely go with corsair for memory, I recommend the 3x2gb 1600 dominator which will work great with this board. Avoid the cheap ocz stuff like the plague.
The main reason to go with a x58 build over a i5 p55 is the extra pci lanes and the ability to go crossfire or sli either now or down the road. A 500 watt psu will not be enough for this. Future protect yourself with at least 750 watts, I love my corsair 750hw, modular builds are so clean and you'll love seeing the inside of your build. Plus it's guaranteed for 7 years and is highly efficient. Trying to save money by buying a cheap psu will only cost you more in elec bills down the road.
Go with a 5850 for the gpu, prices should be coming down soon, newegg has them for under $280 on sale.
Lastly, find someone who lives near a Microcenter and have them buy you the chip and mail it to you. Or take a road trip. Getting the 930 for $199 is sweet!
Saving money on the cpu and cooler will offset the better hd, mem, and psu.
I just finished a build with this board, feel free to drop me a note if you have any other questions.