Building a Gaming Computer Confirmation of Parts

Hello everyone. A few days ago, I asked the community if they could help me with choosing parts for a gaming computer that has a budget of $600-$700 (I'm willing to go up to $800).
Here is my results:

Optical Drive:
After-Market Cooler:

$782.93 and $45 MIR.

*I will also be buying an anti-static wrist strap, and thermal paste.

This is the first computer I'm building, so ANY input would be appreciated.
I guess what I'm asking is:
Are there ways to improve this, but still stay in my budget?
Are there ways that I can decrease the cost, but still expect similar performance?
Can this computer be an okay gaming computer (medium-high settings for all those new games)?
Are these parts compatible with each other?

Again, any input is greatly appreciated. I understand that I have a lot of questions and a ton of things to look at, but I am really interested in building a computer. Your time and help means a lot to me.
Thank you.
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  1. If the egg is still out of your ram pick, gskill, patriot, pny, and kingston will also work well. OCZ is a good power supply, very quiet. You may find windows 7 pro or ultimate for about the same price as your newegg oem copy on craigslist. Just be sure it's sealed.
  2. Thank you for your RAM suggestions and reasons to keep the power supply I chose. I think I'll stay with Windows 7 Home though, as I'm paranoid with buying from people rather than companies.
    Does anyone know if I will have any compatibility issues?
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