I don't think I would do any of the above.

1) For video watching, you do not need a discrete graphics card. The included sandy bridge 2100 video is about the capability of a $50 discrete graphics card, and is plenty for watching video's. At the very least, try the integrated video first, you can always add a discrete card later.

For a home theater, I would spend a bit more on a good looking case.

2) For gaming, spend your budget on a great graphics card if you can.
The 2500K is as good as it gets for the cpu. I like the build with the gtx560ti better.
Without knowing your monitor/s, I suspect that it will do fine. If you have more budget, look at GTX570/GTX580.
I prefer the simplicity of a single card whenever it will do the job.For a single card, a 650w psu will be fine.

Also, the liquid cooling is really not necessary, and you can save some there. A $30 cooler like the Xigmatek gaia or cm hyper 212 will be all you need, and will probably be quieter to boot.