Its possible without GPU yes.

Also with a cheaper H61/H67 board, which would defeat the point of the "K" in 2500K.
You would not be able to overclock it.

Doing a 2500K build half arse is always pointless.

EDIT : lol my bad. Had the whole Dollar thing all wrong. My bad.
 

DelroyMonjo

Distinguished
Yes, if you are willing to settle for a 6850 or 6870 video card.
Good 550W PSU $55 but you have to look for them.
Asrock Ex3 Gen3 MB
8GB G.skill RAM
CM 212+ HSF
Antec 300 Illusion case
I5 2500k
Brings you close to $700.
Doesn't include HDD. Add $100.

You really need to watch prices and shipping, they seem to be jumping up and down quite a bit lately.