You don't need a Core i7. Just buy a Core i5 3570K, much better. As for everything else, it looks GREAT, just make sure you buy a good hard drive, and that your SSD is from a good manufacturer, like Samsung. Also, you don't really NEED a water cooler unless you're gonna be doing hardcore overclocking. Invest in like, a Hyper 212 EVO, it's 30$ and it performs pretty damn well.
lol i was planing on doing some overclocking if i got the amd processer i was going to shoot for 5ghz but with the other one i was thinking 4.1-4.5 and honestly i have 4000$ i can put into this strictly for this so ye..... if money was any concern i would go with the i5
There are very few games that can use more than 4 cores. If you're planning on playing Battle Field 3 multiplayer maps the either of those processors are good, but the 3930k is much better. Other games that can use the additional cores are Metro 2033, Bad Company 2, and crysis 2 also seems to hit all my cores but not hard.
Apps can also use all the cores like video encoding but they typically get a bigger boost with GPU processing (400+ cores).