But off hand there are a few things I would change on here like the i7 to a cheaper i5 if you only doing gaming, especially to one of the "K" processors if your willing to OC.
As for the water cooling it's not really nessary unless you really want it, and even than to my understanding there are better out there. Though for air best bang for buck is generally thought of being the CM Hyper 212 Plus.
As for mobo, I haven't even pulled up the specs on it but that sounds like a high end mobo if it supports 4 way SLI, in general you don't get much performance gains from doing 3 or 4 way SLI, and in my opinion is more hassle than it is worth. So chances are you can go cheaper on that without sacrificing performance.
The CPU I would swap that for a 3570k its a quad core intel Ivy Bridge compared to your i7 Sandy Bridge which is last gen. It also saves you another $85 and allows you to OC if you want, if not I still go this route.
Case looks like it's overkill but to each their own from a quick glance I didn't see anything wrong with it.
I take some of the money saved and put it towards a SSD, even a cheap one for a boot drive and a select few small programs such as browser and whatever else you use. And than either use that Velociraptor for your games and larger programs, or what I do is buy a larger HD and use that for your games. Main reasoning for larger HD in this case is the Christmas Steam sale comming up you can easily buy entire companies game catolog they have on steam for $30-100 and most of the time it winds up in the middle, I remember I picked up batman arklam asylum when it was new for $50 in one of those catologs (while the game was still $60 in stores) and got the rest of that companies games to go with it. So you can easily fill that 500gb drive without trying.
As for PSU there are better brands out there, but I don't even think you need the 1,000 watt PSU as of right now even with 2 gtx 670's.
Off hand if your not attached to anything you can easily shave off a few hundred dollars off your build to put towards more performance parts. It seems like a lot of the parts you have are overkill for what is actually needed.
Drop the VelociRaptor and get a solid state drive. You should be able to get a 256gb for around $170. Pick up a slower platter drive for storage.
You wont need 1000w. I would aim for 750w unless the 1000w is cheaper. I have an fx8350 (a bit of a power hog) with a radeon 7950 hooked up to kill-a-watt power meter and it runs around 450w under full load. with another 7950, I would be around 600w.
Radeon 7900 series is the better deal right now. You get great performance for a lower price. Plus you get 3 free games. Farcry 3, Sleeing Dogs, and Hitman: Absolution.
You will not need a sound card. Motherboards now a days come with great ones built in.
You will not need more than 8 gb of memory, but you can for the fun of it since it's cheap.
Your motherboard seems like a bit overkill. If you arent going to 4 way sli, get something cheaper. That 4 way sli ability will cost you a premium.
If you have trouble doing the suggested on your budget, drop the i7 and get an i5 or fx8350.
Coolermaster is not known for quality PSU's, that could cost you lots of money down the line so it should probably be upgraded to a better brand (and it is way too much wattage for anything you will do). Also, you chose a way overpowered CPU for a gaming rig, the i5-3570k is basically the sweet spot for gaming right now. The velociraptor is overkill and overpriced for your uses, you'd be better off with a 5400 or 7200 rpm 1TB drive and an SSD. You probably do not need a sound card, integrated audio is enough. It likely has more than 2 usb ports, your case may not have more than that on the front panel but the rear will likely have 4 or more.