First time build HELP!

What is your budget?

Um i wouldn't mind, but it's definitely not a necessity, was just wondering about compatibility really  

On MSY it came to around $675 without an OS.

The z77 motherboard is meant for overclock and the 3470 cpu cannot be overclocked..we need to know your budget, monitor resolution and what kind of gaming you intend to do with this build?

Well as a monitor, im just using my flat screen which i have no idea of the specs. All I know is it supports HDMI and its 1080p, 40". And i plan on playing games like battlefield 3, Need for speed, Assassins Creed, etc. Are you suggesting i down grade the motherboard to something like;?

http://www.msy.com.au/product.jsp?productId=9281

Because i don't really plan on overclocking.

PCPartPicker part list: http://pcpartpicker.com/p/sJdL
Price breakdown by merchant: http://pcpartpicker.com/p/sJdL/by_merchant/
Benchmarks: http://pcpartpicker.com/p/sJdL/benchmarks/

CPU: Intel Core i5-3470 3.2GHz Quad-Core Processor ($149.99 @ Microcenter)
Motherboard: ASRock H77 Pro4-M Micro ATX LGA1155 Motherboard ($89.99 @ Amazon)
Memory: Corsair Vengeance 8GB (2 x 4GB) DDR3-1600 Memory ($41.99 @ Newegg)
Storage: Samsung 830 Series 128GB 2.5" Solid State Disk ($119.00 @ B&H)
Video Card: Gigabyte Radeon HD 7870 2GB Video Card ($229.99 @ Newegg)
Case: Antec Three Hundred Two ATX Mid Tower Case ($59.71 @ NCIX US)
Power Supply: Antec High Current Gamer 520W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($79.99 @ Amazon)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($24.98 @ Newegg)
Total: $785.64
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2012-12-16 03:46 EST-0500)

Its about 800$ without OS..but its worth the money. If you do want to bring down the cost a bit just let me know.

I forgot to add an HDD..sorry about that..i made some changes and now its about 800$ with the OS.

PCPartPicker part list: http://pcpartpicker.com/p/sJlA
Price breakdown by merchant: http://pcpartpicker.com/p/sJlA/by_merchant/
Benchmarks: http://pcpartpicker.com/p/sJlA/benchmarks/

CPU: Intel Core i5-3470 3.2GHz Quad-Core Processor ($149.99 @ Microcenter)
Motherboard: ASRock H77M Micro ATX LGA1155 Motherboard ($69.99 @ Newegg)
Memory: Corsair Vengeance 8GB (2 x 4GB) DDR3-1600 Memory ($41.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($69.99 @ NCIX US)
Video Card: Gigabyte Radeon HD 7870 2GB Video Card ($229.99 @ Newegg)
Case: Cooler Master Elite 430 ATX Mid Tower Case ($41.98 @ Amazon)
Power Supply: Antec Neo Eco 520W 80 PLUS Certified ATX12V / EPS12V Power Supply ($58.98 @ Newegg)
Optical Drive: Lite-On iHAS124-04 DVD/CD Writer ($17.89 @ Outlet PC)
Operating System: Microsoft Windows 7 Home Premium SP1 (OEM) (64-bit) ($89.98 @ Outlet PC)
Total: $760.78
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2012-12-16 04:14 EST-0500)

WOW! thanks so much for all this research, but i really don't want to stretch my budget by too much, anything over 700 i can't really do.  

Not to worry..we can still reduce the price without bringing down performance..this build is about 660$ without the OS..

PCPartPicker part list: http://pcpartpicker.com/p/sJpj
Price breakdown by merchant: http://pcpartpicker.com/p/sJpj/by_merchant/
Benchmarks: http://pcpartpicker.com/p/sJpj/benchmarks/

CPU: Intel Core i5-3470 3.2GHz Quad-Core Processor ($149.99 @ Microcenter)
Motherboard: ASRock H77M Micro ATX LGA1155 Motherboard ($69.99 @ Newegg)
Memory: Mushkin Blackline 8GB (2 x 4GB) DDR3-1600 Memory ($35.57 @ NCIX US)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($69.99 @ NCIX US)
Video Card: Sapphire Radeon HD 7870 GHz Edition 2GB Video Card ($194.99 @ Newegg)
Case: NZXT Source 210 (Black) ATX Mid Tower Case ($29.99 @ Newegg)
Power Supply: XFX 550W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($49.99 @ NCIX US)
Optical Drive: Lite-On iHAS124-04 DVD/CD Writer ($17.89 @ Outlet PC)
Operating System: Microsoft Windows 7 Home Premium SP1 (OEM) (64-bit) ($89.98 @ Outlet PC)
Total: $708.38
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2012-12-16 04:30 EST-0500)

Im trying to take these parts with what i can get from MSY, because it's the only shop i can get these parts from in my district and alot of these parts, they don't have at MSY
The build i stated earlier was about the best i could get from MSY in my price range

cpu: http://www.msy.com.au/product.jsp?productId=9552- $180

mobo: http://www.msy.com.au/product.jsp?productId=9135- $62

ram: http://www.msy.com.au/product.jsp?productId=8835- $44

hdd: http://www.msy.com.au/product.jsp?productId=8903- $74

optical drive: http://www.msy.com.au/product.jsp?productId=8711- $23

gpu: http://www.msy.com.au/product.jsp?productId=9811- $195

case: http://www.msy.com.au/product.jsp?productId=878- $63

psu: http://www.msy.com.au/product.jsp?productId=9674- $63

total: $ 704

If want to reduce cost then get the i3 3220..but i recommend you go with the i5 3470
http://www.msy.com.au/product.jsp?productId=9550

thanks man, all seems like it will work well now