Are the components of this PC Build compatible with each other?

[thezobot1]

Hi,
I am new to the forums, and you have helped some of my friends in their choices of components to build pc's so I was hoping that you'll will help me too.
I am a newbie to building computers and i wanted your advice on building a low cost computer.
I have listed some of the parts that i thought would be good.

Gigabyte GA-H61M-D2H Motherboard
Intel 3.06 GHz LGA 1156 Core i3-540 Processor
WD Scorpio Blue 320 GB HDD Internal Hard Drive (WD3200BPVT)
Asus DRW-24B3ST Internal Optical Drive (Black)
Corsair CMPSU-500CXV2UK 500 Watts PSU
Cooler Master Elite 310 Cabinet

Let me know if I have made the right choices and whether they are compatible with each other or not.
Also let me know if I have missed out on any components.
I would love to hear your recommendations.
Thanks for your time.

 

[thezobot1]

I forgot to list the RAM
Transcend DDR3-1333 DDR3 4 GB PC RAM (JM1333KLN-4G)

 

[Guest]

What is your budget??? I don't think it's a great idea to go 1st gen SB. Try finding Intel processors that are 2nd gen SB (socket 1155). You forgot to list the GPU. If you were planning on using the onboard graphics, don't because it will severely impact your performance.