manu, where do you get your prices? Antec Earthwatts 650W is $75 now.
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Intel Core i5-2500K $220
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Stock heatsink can handle overclocking to 4.0 easily. If you plan to push beyond, I recommend Cooler Master Hyper 212+ $30.
ASRock P67 PRO3 (B3) $110
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
G.SKILL Ripjaws X Series F3-12800CL9D-4GBXL $35
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
XFX HD-685X-ZNDC Radeon HD 6850 $170 [$140 after MIR]
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Samsung Spinpoint F3 HD103SJ $60
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Rosewill Challenger $50
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
-OR-
Cooler Master Elite 430 $50
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
XFX Core Edition PRO550W $76 after shipping [$56 after MIR and shipping]
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Lite-On iHAS123-04 $20
http://www.newegg.com/Product/Product.aspx?Item=N82E168...
$741 before MIR, $691 after MIR. I know I passed your budget by a good margin but the spending is justifiable. The i5-2500k is an amazing CPU at $220 and is well known for its easy overclocking. THe motherboard you can switch out. There are Z68 motherboard from Biostar and Gigabyte for $100. I would stay away from Biostar if you can help it. Gigabyte is a good brand, I have a gigabyte motherboard myself but I hate the bios. It's just old and ugh. I would stay around $100 for the motherboard since you on a predefined budget. I chose the G.Skill RAM because it's designed for P67 so it's guaranteed to work. It's cheap and reliable. There's another set from G.Skill at the same price if you want a different look. There are also cheaper ones than G.Skill from Kingston and A-Data but they are at 1.65V while G.Skill is at 1.5V. For the GPU, I chose the 6850, it will run your games just fine at medium to high setting. Here's a benchmark for it, they used AA and the available highest setting:
http://www.anandtech.com/bench/Product/291 I gave you two options for case, they're both $50. One has a side windows, the other one doesn't. I highly recommend this XFX because it's actually made by Seasonic [extremely reliable]. Last of all, you can ditch the Lite-On I chose and go for either Sony Optiarc or Asus. I don't think the ASUS oem one has free shipping anymore but you should take a look. I hope this helps. You will be within your budget after rebates. If you don't mind spending $15 more, you can grab the 2x4GB RAM from G.Skill. Here's the link:
http://www.newegg.com/Product/Product.aspx?Item=N82E168...