Suggest a budget gaming build for me ($700 dollars)

I will be using this primarily for gaming. Looking for something capable of recording games with something like fraps (capable of running multithreaded tasks smoothly) AND that is upgradeable; basically i'm not looking to build something cheap and use it till it just falls apart or needs to be replaced entirely.
I NEED AN OS which really only leaves about 600 dollars for parts. I don't want to pirate. Also, I do not live near a microcenter, so no chance of buying parts there. I have no preference of AMD or Intel.

Now, I realize this isn't much of a budget, but I'd appreciate it if you can just give me what you can :)
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  1. Check out the build list jrgong suggests in this thread: http://www.tomshardware.com/forum/365586-31-gaming-build

    To bring it down from $650, I would get a smaller HDD such as http://www.newegg.com/Product/Product.aspx?Item=N82E16822145304 or maybe http://www.newegg.com/Product/Product.aspx?Item=N82E16822136769

    That would bring it down closer to $620, and you can often pick up Win7 Home Premium on sale for $80. Right now it's $90 on Amazon.
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