Gaming Rig

mobo and cpu are not compatible and you can save money by buying a cheaper power supply.

That motherboard is not compatible with your CPU. That motherboard accepts only AMD CPU's.

That power supply is
1) Overkill in terms of wattage, and
2) A "meh" brand.

That hard drive is
1) A laptop hard drive, and
2) That brand is known for bad hard drives.

AOC doesn't make the best monitors.

The XMS3 series from Corsair is decent, but if you want to take advantage of your CPU, you'd best go for 1600 MHz RAM. Here's what I'd recommend.

PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU: Intel Core i3-3220 3.3GHz Dual-Core Processor ($125.00 @ Amazon)
Motherboard: MSI B75MA-E33 Micro ATX LGA1155 Motherboard ($59.99 @ Amazon)
Memory: Patriot Viper 3 8GB (2 x 4GB) DDR3-1600 Memory ($24.99 @ NCIX US)
Storage: Seagate Barracuda 500GB 3.5" 7200RPM Internal Hard Drive ($52.99 @ NCIX US)
Video Card: MSI GeForce GTX 560 Ti 1GB Video Card ($172.15 @ NCIX US)
Case: NZXT Source 210 (Black) ATX Mid Tower Case ($29.99 @ Newegg)
Power Supply: XFX 550W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($53.99 @ NCIX US)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($16.99 @ Newegg)
Monitor: HP LV2011 60Hz 20.0" Monitor ($108.76 @ CompUSA)
Total: $644.85
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2012-11-11 13:00 EST-0500)

XFX power supplies are made by Seasonic, which is arguable the best power supply manufacturer.

Patriot memory is decent, and could be considered a standard. The Intel Extreme Masters Limited Edition RAM was basically a rebrand of this RAM, so it's certainly a solid choice.

^+1, but no I don't believe XMS3 is a decent RAM line.  

... Worse than decent?  

Haven't had any experience with XMS3 myself, so... lol.

Ughh, the CPU and Mobo aren't made for each other! Lol, either keep the i3 and get this mobo: http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Or switch to a Phenom 2 CPU: http://www.newegg.com/Product/Product.aspx?Item=N82E168... and keep the same mobo.
Your PSU is overkill cuz nothing there takes that much power unless you SLI your GPU which you cant with that one so get this one: That's better but not overkill.
Your ram's alright, your hard drive is for a laptop, this one's much better(Toshiba is a horrible brand): http://www.newegg.com/Product/Product.aspx?Item=N82E168... Last thing is you don't have and optical drive, this one will do:
http://www.newegg.com/Product/Product.aspx?Item=N82E168...

There, that should less than 700$.

We've already established all of this... lol.

Thomas is right about your motherboard CPU combo. You need AMD CPUs for an AM3+ based motherboard.

If you can afford it (haven't already bought your GPU) then consider an upgrade to the 600 Series. They have lower power costs for better performance.

That 750W isn't necessary unless you plan on sli'ing in the future. A 500 something W would be enough for that card.

Edit: wow ok noob mistake, I need to refresh after going afk for a while LOL
I ninja'd myself by not refeshing wat

Lol 2nd time in a row, afk too op XD