Cheap gaming build

APPROXIMATE PURCHASE DATE: By the end of this summer

BUDGET RANGE: Less than $700

SYSTEM USAGE FROM MOST TO LEAST IMPORTANT: Gaming

PARTS NOT REQUIRED: Monitor and Power Supply (APEVIA ATX-CW500WP4 500W ATX Power Supply)

PREFERRED WEBSITE(S) FOR PARTS: Newegg

OVERCLOCKING: No

Maybe SLI OR CROSSFIRE: No Idea What that is

MONITOR RESOLUTION: 1280x1024

ADDITIONAL COMMENTS: It's going to be in a small room with carpet and lots of dust

Hello guys! This is going to be my little summer project. And yes! This will be my first time building a computer! I'm looking for a computer primary for games. My old desktop died on my 2 years ago. For all those times, I use a laptop to do general computer stuffs and a PS3 for some my gaming needs. I have missed lots of great PC games throughout the years. I’m hoping I can get a PC to play some of the older games like Team Fortress 2, Left for Dead 2, Counter Strike Source, Sims 3, and etc… I’m hoping it could play some of the new games as well. Like Battlefield Bad Company 2 and Startcraft 2.

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CPU - Intel Core i5-750 Lynnfield 2.66GHz LGA 1156 95W Quad-Core Processor Model BX80605I5750
Price: $199.99

Motherboard - GIGABYTE GA-P55M-UD2 LGA 1156 Intel P55 Micro ATX Intel Motherboard
Price: $104.99

Memory - OCZ Platinum 4GB (2 x 2GB) 240-Pin DDR3 SDRAM DDR3 1333 (PC3 10666) Desktop Memory Model OCZ3P1333LV4GK
Price: $109.99

Graphic Card - XFX HD-577X-ZNFC Radeon HD 5770 1GB 128-bit DDR5 PCI Express 2.0 x16 HDCP Ready CrossFireX Support Video Card
Price: $159.99

Computer Case - COOLER MASTER RC-690-KKN1-GP Black SECC/ ABS ATX Mid Tower Computer Case
Price: $59.99

Harddrive - Seagate Barracuda 7200.12 ST3500418AS 500GB 7200 RPM SATA 3.0Gb/s 3.5" Internal Hard Drive -Bare Drive
Price: $54.99

DVD Drive - LITE-ON CD/DVD Burner - Bulk Black SATA Model iHAS124-04 - OEM
Price: $24.99

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TOTAL: $714.93
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As you can see, the total price is a little over my budget range.

Here are some questions

1. Are there any way to lower the price with a minimum performance decrease?

2. Would it be cheaper to switch over to AMD processor with comparable performance? If yes, what would you recommend?

3. Are all the parts compatible with each others?

4. Will my three year old power supply((APEVIA ATX-CW500WP4 500W ATX Power Supply)) work with this build?

5. This will be my first build, did i miss anything?