i would recommend something like this:
select item 1 quantity of item 1
SAMSUNG 22X DVD±R DVD Burner Black EIDE / ATAPI Model SH-S222A - OEM
Item #: N82E16827151175
Return Policy: Standard Return Policy
Protect Your Investment (expand for options27-151-175|hide options27-151-175)
Service Net Replacement Extended Warranty Plan
The product will be replaced and shipped directly to you at no charge.(more info27-151-175.0.18)
1 year: $5.99
2 year: $9.99
$20.99
select item 2 quantity of item 2
Antec Three Hundred Illusion Black Steel ATX Mid Tower Computer Case
Item #: N82E16811129066
Return Policy: Limited Replacement Only Return Policy $69.99
select item 3 quantity of item 3
MSI N560GTX-TI Twin Frozr II/OC GeForce GTX 560 Ti (Fermi) 1GB 256-bit GDDR5 PCI Express 2.0 x16 HDCP Ready SLI Support Video ...
Item #: N82E16814127565
Return Policy: VGA Standard Return Policy
Protect Your Investment (expand for options14-127-565|hide options14-127-565)
Service Net Replacement Extended Warranty
The product will be replaced and shipped directly to you at no charge.(more info14-127-565.0.120)
1 year: $22.99
2 year: $39.99
-$5.00 Instant
$20.00 Mail-in Rebate14-127-565 $254.99
$249.99
select item 4 quantity of item 4
Antec High Current Gamer Series HCG-520 520W ATX12V v2.3 / EPS12V v2.91 80 PLUS BRONZE Certified Active PFC Power Supply
Item #: N82E16817371047
Return Policy: Standard Return Policy
Protect Your Investment (expand for options17-371-047|hide options17-371-047)
Service Net Replacement Extended Warranty
The product will be replaced and shipped directly to you at no charge.(more info17-371-047.0.120)
1 year: $9.99
2 year: $14.99
-$19.00 Instant
$78.99
$59.99
select item 5 quantity of item 5
G.SKILL Ripjaws Series 8GB (2 x 4GB) 240-Pin DDR3 SDRAM DDR3 1333 (PC3 10666) Desktop Memory Model F3-10666CL9D-8GBRL
Item #: N82E16820231311
Return Policy: Memory Standard Return Policy -$5.00 Instant
$84.99
$79.99
select item 6 quantity of item 6
ASRock H61M/U3S3 LGA 1155 Intel H61 HDMI SATA 6Gb/s USB 3.0 Micro ATX Intel Motherboard
Item #: N82E16813157236
Return Policy: Standard Return Policy
Protect Your Investment (expand for options13-157-236|hide options13-157-236)
Service Net Replacement Extended Warranty Plan
The product will be replaced and shipped directly to you at no charge.(more info13-157-236.0.18)
1 year: $9.99
2 year: $14.99
-$5.00 Instant
$79.99
$74.99
select item 7 quantity of item 7
Intel Core i5-2400 Sandy Bridge 3.1GHz (3.4GHz Turbo Boost) LGA 1155 95W Quad-Core Desktop Processor BX80623I52400
Item #: N82E16819115074
Return Policy: CPU Replacement Only Return Policy
Protect Your Investment (expand for options19-115-07410|hide options19-115-07410)
Service Net Replacement Extended Warranty
The product will be replaced and shipped directly to you at no charge.(more info19-115-0741.0.120)
1 year: $16.99
2 year: $29.99
Seagate Barracuda ST31000524AS 1TB 7200 RPM SATA 6.0Gb/s 3.5" Internal Hard Drive -Bare Drive
Item #: N82E16822148697
Return Policy: Standard Return Policy
Protect Your Investment (expand for options22-148-69710|hide options22-148-69710)
Service Net Replacement Extended Warranty
The product will be replaced and shipped directly to you at no charge.(more info22-148-6971.0.120)
1 year: $9.99
2 year: $14.99
-$5.00 Instant
-$13.00 Combo
http://www.newegg.com/Product/ComboDealDetails.aspx?ItemList=Combo.656683
$254.98
$236.98
Subtotal: $792.92
Shipping: $0.00
Grand Total: $792.92
I think the watercooling would be pretty silly for a system in this price range.
If you wanted to save some money, you could change the processor to an i3-2100, or the graphics card to a 6870.
http://www.newegg.com/Product/Product.aspx?Item=N82E16814150506&cm_re=6870-_-14-150-506-_-Product