A New Build

i5 designation is a sub-designation like LS or GT. You can also say i3 = dual core, i5 = quad core, i7 = quad with HT but the enthusiast platform is different. The number following designates the model number/generation. For instance, i5 750 is first gen, i5 2500 is second, i5 3570 is third. The fourth will be i5 4570.
 
I would change 2 things. Since you aren't buying an SSD then you want the fastest drive you can get. Switch the HDD to a Black.
Also, that case looks like it's built super cheap and comes with extra junk you don't need (the 500w PSU).
 
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