Actually, I have a lot of suggestions. So I'm just going to post what you should build below. I'm assuming you're in the US and buying from Newegg.
CPU/Mobo: i7-930 and Asus P6X58D Premium $580. Combo to save some money.
RAM: Mushkin Enahnced Redline 3x2 GB 1600 mhz CAS Latency 6 $250. The absolute fastest sticks of RAM you can buy.
GPU: HD 5970 $700. Enough said.
SSD: Corsair Nova 128 GB $369. An 80 GB is a little small. I would either leave it out or step it up to a 128 GB.
HDD: Samsung Spinpoint F3 1 TB $90. A drive that's just as fast for less. Or grab today's Shell Shocker (Seagate 7200.12 1 TB) for $79.
PSU: OCZ Z Series 850W 80+ Gold $190 after rebate. A higher efficiency PSU. Not to mention larger. If you don't want to spend this much on one, grab the Corsair 750W 80+. A modular unit is not necessary, as the excess cables sit at the bottom of the case.
Case: HAF 922 $80 after rebate. A much bigger/better case for less. You realy can't be the HAF in terms of performance and quality.
Optical: Cheap SATA DVD burner $22. BluRay is unnecessary. There is absolutely no special application for computers, and the BR drives fetch a huge premium. If you absolutely need a BR reader, tack on a cheap one. I doubt you actually NEED to burner BRs.
HSF: Prolimatech Megahalems Rev.B $85 (with 2 fans). The absolute best air cooler. Or grab the Coolermaster Hyper 212 Plus for $35 to save some money and still have one of the best. The Corsair H50 is overrated.
Sound card: Completely unnecessary. Onboard sound is excellent. If you think you might need higher quality sound (which I doubt), try onboard first and see if you can tell a difference. If you can, add the sound card later.
Do you plan on only going with 1 video card or 2? if you do not plan on going with anymore than two video cards I see no reason to get a x58 mother board. do you plan on using more than 16 gigs of ram? if not I would get a p55 mother board. I see no reason to spend the money for a x58 mother and i7 920 cpu if you do not plan on getting more than two video cards or more than 16gigs of ram.
@zucchini: Why would you get anything less than the best with such a high-end budget? If you don't get the i7-930, you're not getting a top of the line system. If the OP were to get an i5, they wouldn't have an upgrade path and would be getting a lower performing CPU.
Also the H50 cooler is a little questionable. If you want water cooling, you don't want to cut corners. And the H50 is cutting corners. The Megahalems I suggested would keep the CPU cooler and quieter than the H50 would.
If you even looked at the budget, you'd see that the OP is wanting literally the best computer money can buy. And that's what both coldsleep and I have given the OP. All with money left over.
I am Canadian so I can not find the HD 5970 anywhere or mushkin memory. My PSU is one of the best according to Jonnyguru, and i like the look of it. I really like the look of the h50, and I am sure I can get It close to the magahalems cooling if I use a push pull setup and I only planning to overclock my cpu to 4 ghz.
Hard Drives - Check out the performance charts and pick whatever 500 GB per platter drive performs best under your usage patterns. The 2 TB WD Black and XT from Seagate are good choice but at smaller capacities, you are limited to the Seagate 7200.12 or the Spinpoint F3. The 7200.12 excels in gaming, multimedia and pictures whereas the F3 wins at music and movie maker. See the comparisons here (copy past link in manually, link won't work in forum):
I know I'm going to get flamed but get a GTX 470 or a ATI 5850. ALso like everyone said forget the H50 it's pointless really. GEt on the CM Hyper 212 with an aftermarket fan.
Although I love my Noctua NH14.
YOu cannot go wrong with a HAF 932. Best.Case.Ever. The only thing I don't like is the bright blue HDD indicator LED. No problem just leave it unplugged.
As far as power supplys go. Get the Corsair 850 modular for like 180 on Amazon. You may not need 850 but you are gonna appreciate the modular design when it comes to airflow and aesthetics. The difference in price between a modular 750 and 850watt PSU is like $10 so you might as well go for the 850.
The 470 is not a good buy. The 470 is just too expensive. It's between the 5850 and 5870 in terms of performance, but the price is too close to the 5870. Also, the special features nVidia added to it aren't used by games (yet and maybe never). Not to mention the huge power draws and excess heat it produces means it's bad for overclocking and dual card solutions.
The 5850 is a bad choice for this budget. Why buy a card that you'll need to upgrade in a couple of years when you're planning on spending a massive amount now?
The HAF 932 is a great case. However, the 922 is basically the same at $60+ cheaper. It also adds dust filters, which the 932 was desperately missing. Also, the 922 added better cable management and the ability to turn off the front LEDs.
Finally, paying more for a modular PSU (and it's more like $30-50 more) is not a good idea. All of the quality cases are bottom mounted. That means the benefit of a modular PSU (that you can remove the cables) is useless. The excess cables will sit at the bottom of the case already.
@Jack: I absolutely hate the CP-850. It's a lower efficiency PSU that will only fit in three cases, all of which are somewhat small for their price.
@OP: Given that you're Canadian, and can't get some of the really good stuff, I would do the following:
Ditch the SSD, sound card, and the BR writer. (Saves $550)
Switch the following:
Case: Coolermaster Cosmos $200 (I know it's expensive, but it's size and features are necessary for what's below)
This is water cooling done right. I believe that will leave you around $170 left compared to the original build, which could allow you to stick either the BR drive or SSD in. I'd personally do the SSD before BR.