Video is fine
Board is fine but as suggested you might want to consider a 890gx chipset.
Swap out the HD for a samsung spinpoint F3 (500 gb or 1tb) or seagate 7200.12 drive.
PSU is fine, it can certainly handle 2 5770s and more ram easily. I think a 950w is way overkill for his build. It's like having a PSu that could and never will.
As said drop it to a AMD 955 and up the clock multiplier to 17.00x.
You might want to consider the Coolermaster Haf922 case instead. It's cheaper and only a slight bit smaller.
1) Yes... the PSU is big enough to run two 5770's. You can actually drop down to the 650TX and be good to go with two 5770's. (You won't need a TX-950, but it is a good PSU)
2) Part Recommendations:
^+1 the Motherboard and CPU recommendation.
Switch the hard drive to either the Samsung Spinpoint F3 500GB or Seagate 7200.12 500GB. Both of these drives are faster and cheaper than the WD 640GB Black, since they are based on 500GB platters.
I would recommend going with the G.SKILL Ripjaws Series 4GB (2 x 2GB)DDR3 1600 memory instead. OCZ has been having issues with their RAM lately, specially on AM3 motherboards. You'll be better off with G.Skill RAM with the tighter timings.