You could also save $20 by getting a 500gb F3 if you really need it under $700.
This ripjaw kit will also save you $10 after promo code. Higher v, but same performance. http://www.newegg.com/Product/Product.aspx?Item=N82E16820231303&cm_re=ripjaw_1600_4gb-_-20-231-303-_-Product
Using this 5850 and OCZ modxstream combo will also save you some money. $15 in savings, but a worse PSU, still 80+ and Xfire capable though. http://www.newegg.com/Product/ComboDealDetails.aspx?ItemList=Combo.445986
$45 in savings, still not under $700 though >.<
Might just have to go with a 1gb GTX 460 instead to fit in $700.
If you take out the 5850 and swap HD and PSU
GTX 260 1gb here $230 http://www.newegg.com/Product/Product.aspx?Item=N82E16814261075
and this OCZ 550w and 500gb F3 combo $100 w/ $20 MIRhttp://www.newegg.com/Product/ComboDealDetails.aspx?ItemList=Combo.441361
Will put mads second build at $671 after rebates.
Really think you could do a 5850 for $700 though.