The following build busts your budget a little, but if you've got some wiggle room, it will do nicely. If not, you can either forgo CPU overclocking and get an i5-2400 and use the stock cooler, or get a lesser GPU, like a GTX560 (non-Ti) or HD6870.
Antec BP550 Plus 550W Continuous Power ATX12V V2.2 80 PLUS Certified Modular Active PFC Power Supply
Model #: BP550 Plus
Item #: N82E16817371016
$79.99 -$15.00 Instant $64.99
A Corsair "Builder" would work here too. This model is decent though, and unlike the Builder, is modular.
Rosewill DESTROYER Black Gaming ATX Mid Tower Computer Case, comes with Three Fans-1x Front Blue LED 120mm Fan, 1x Top 120mm ...
Model #: DESTROYER
Item #: N82E16811147144
$59.99 -$10.00 Instant $49.99
I like every Rosewill case I've ever bought (some 6-7 different models). Their fans are decent, and the materials are above average for a cheap case.
ASRock Z68 PRO3 GEN3 LGA 1155 Intel Z68 HDMI SATA 6Gb/s USB 3.0 ATX Intel Motherboard
Model #: Z68 PRO3 GEN3
Item #: N82E16813157279
$114.99 -$10.00 Instant $104.99
I've had good results from ASRock.
EVGA 01G-P3-1561-AR GeForce GTX 560 Ti FPB (Fermi) 1GB 256-bit GDDR5 PCI Express 2.0 x16 HDCP Ready SLI Support FPB Video ...
Model #: 01G-P3-1561-AR
Item #: N82E16814130604
Mail in Rebate Card
$249.99 -$25.00 Instant $224.99
GPU prices seem to be in flux lately, with all the Fermis coming down (perhaps in anticipation of Kepler?). This will play current games on high to max settings.
Intel Core i5-2500K Sandy Bridge 3.3GHz (3.7GHz Turbo Boost) LGA 1155 95W Quad-Core Desktop Processor Intel HD Graphics 3000 ...
Model #: BX80623I52500K
Item #: N82E16819115072
$219.99 $219.99
Not much to say about this. If you need to lower the cost, this is the first thing I'd cut though, to an i5-2400.
G.SKILL Value Series 8GB (2 x 4GB) 240-Pin DDR3 SDRAM DDR3 1333 (PC3 10666) Desktop Memory Model F3-10666CL9D-8GBNT
Model #: F3-10666CL9D-8GBNT
Item #: N82E16820231424
$37.99 $37.99
G.Skill has become my first choice for RAM because I've never had to return any; no DOA or RMA, it just works.
Western Digital Caviar Blue WD3200AAKX 320GB 7200 RPM SATA 6.0Gb/s 3.5" Internal Hard Drive -Bare Drive
Model #: WD3200AAKX
Item #: N82E16822136770
$84.99 -$10.00 Instant $74.99
This is a bit small, but hard drive prices are still very high. You can always add another data drive later.
LG DVD Burner Black SATA Model GH24NS70 - OEM
Model #: GH24NS70 OEM
Item #: N82E16827136236
$18.99 $18.99
One optical drive is much like another.
XIGMATEK Gaia SD1283 120mm Long Life Bearing CPU Cooler bracket included LGA 2011 i7 i5 775 1155 AMD and dual fan push pull ...
Model #: GAIA SD1283
Item #: N82E16835233082
$29.99 $29.99
This cooler is working well for me, although pretty much any 120mm direct-touch tower style cooler will work well.
Subtotal: $826.91
Edit: Alvine's build has some Crappermaster products in it. I will not buy anything from them, regardless of quality, because they still put liar labels on some of their PSUs, or claim they have protection circuits found to be missing (facts, not opinions; reviews at HardwareSecrets). A dishonest company does not deserve anyone's business. Fortunately, you won't take a hit in the wallet for refusing to support a dishonest business, because they have competitors in every market where they are found, which offer equivalent (or superior) products at similar prices.