Gaming rig and first time building a system

While all of the build is compatible, some components look slightly questionable. (HDD, motherboard, GPU/CPU in particular).

Filling in this build advice template should help you get some much better feedback: http://www.tomshardware.co.uk/forum/261222-13-build-adv...

On a $1500 budget, if this is for gaming, there's a great deal of improvement to be made in the Graphics card field. But as I said before, fill in the new build template and ill tweak away  

Do you want to overclock? if yes, the somewhat cheaper i5 2500K is just as good as the i7 for gaming (and will overclock as much) if no, consider a i5 2500 (no k) to save a tiny bit more.

That harddrive is slower than most in the name of saving power, I would not recommend you to install computergames on it, either pick a second, faster harddrive, or just buy a single fast one (the one you picked is 5900rpm, fast ones are 7200rpm, pick a new one with a lot of data on each "disk")

If you save a bit on the CPU, you might want to use it on a slightly better GPU, since that is the most important part for a gaming computer. the mentioned CPU's could easily match two of the best GPU's on the marked.
So you might even want to downgrade the CPU to a i3 2100 in order to get a better GPU (you can then swap for a better CPU if it ever gets too slow for your needs) This depends on budget however, I do not know (or care to research) specifik prices in USD.

As for moherboard I would probably pick one with P67 chipset if you want to overclock ever, if you are sure you don't, then perhaps H61.