Gaming PC Advice

Hey all, I am new here.

I am planning on building my first PC and I was wondering if I did the right things. No items are bought yet, so I am always open to new suggestions. I do have a budget of $1000 - $1100, not including the monitor, keyboard, and mouse. I have some questions down at the bottom.

Coolmax CMF-1225-BL 120mm UV LED Cooling Case Fan - Blue (x2)

G.SKILL RipJaws Series 8GB: 2x4GB Memory - DIMM 240-pin - 1600 MHz (PC3-12800)

Intel Core i7 3.4 GHz Processor

ASRock Z68 Extreme4 - motherboard - ATX - LGA1155 Socket - Z68 - LGA1155 Socket

eVGA GeForce GTX 550T; Graphics Card - 1 GB - GDDR5 SDRAM

Seagate Barracuda 1 TB Internal Hard Drive - 600 MBps - 7200 rpm

Rosewill Challenger Black Gaming Computer Case

Creative Sound Blaster X-Fi Titanium Sound Card - 192 kHz - 24-bit

Windows 7 Home Premium

1. Is it good for gaming?
2. Can I get a better deal?
3. Do I NEED water cooling or will 5 fans cut it?
4. Is everything compatible?
5. Am I missing anything?
6. Am I a noob? Yes

Thanks!