First Time Computer Build!

ASUS P8Z68-V PRO/GEN3 LGA 1155 Intel Z68
Intel Core i7-2600K

those are old combination. i bet you already knew about it

3570K or 3770k
Asus/asrock z77 (at 140ish price)
will be a real performer today  

are you going to 100% playing game?
HIS iCooler H777F1G2M Radeon HD 7770 ----> is a weak card for a gamers. minimum is 7870   if you dont play games, 7770 will be very decent

other parts are all awesome  

I'm not a hardcore gamer, I'd really like to play Minecraft, maybe Diablo 3. I'm not too concerned about having everything on highest settings. Trying not to break the bank either.  

I added the cpu cooler that I forgot in the original post.

If you arent hardcore then your PC wont need more then 950$ to build unless you are planning to do video editing you should go with an i7 since it has hyper threading.

PCPartPicker part list: http://pcpartpicker.com/p/u9Jl
Price breakdown by merchant: http://pcpartpicker.com/p/u9Jl/by_merchant/
Benchmarks: http://pcpartpicker.com/p/u9Jl/benchmarks/

CPU: Intel Core i5-3570K 3.4GHz Quad-Core Processor ($199.99 @ NCIX US)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($29.98 @ Amazon)
Motherboard: Gigabyte GA-Z77M-D3H Micro ATX LGA1155 Motherboard ($120.48 @ Mwave)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory ($38.99 @ NCIX US)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($59.99 @ NCIX US)
Video Card: Sapphire Radeon HD 7870 2GB Video Card ($249.48 @ SuperBiiz)
Case: Cooler Master Elite 430 ATX Mid Tower Case ($41.98 @ Amazon)
Power Supply: Corsair Builder 600W 80 PLUS Bronze Certified ATX12V Power Supply ($61.98 @ Newegg)
Optical Drive: Samsung SH-224BB/RSBS DVD/CD Writer ($20.99 @ Amazon)
Total: $823.86
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2012-12-25 23:49 EST-0500)

This is a great build for your description, Non hardcore gaming then this is the system for you.