Will this work?

[Getoffmycat]

RAM
Team Elite Plus 8GB (2 x 4GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800) Desktop Memory Model TPD38G1600C11DC01 - Newegg.com

You don't really need anything else. Only need a wifi card if you need to connect to a wireless network. If you'll be hard wire then don't need it.

What about a disc drive?

 

[PP Mguire]

They're pretty much all 19 bucks, so here's one with free shipping.

LG Internal 24x Super Multi with M-DISC Support SATA Model GH24NSC0B - Newegg.com

 

[luke127]

Also in answer to one of your questions, Thermal Compound and Heatsinks are both used to keep certain components cool. Usually the CPU and GPU. There are many types of heatsinks, but the ones I've seen have copper pipes to absorb heat, and then it's spread across a bunch of metal plates. The thermal compound is the catalyst for heat transfer. Without it, the amount of heat moved from the CPU or GPU to the heatsink would be much lower. So it's always a good idea to check your thermal paste every once in a while, just to make sure it isn't cracked and dry. If this occurs, it loses some of it's heat moving abilities which can cause components to overheat. This is very common in laptops if they are not serviced in 2 years or more.

An image of a heatsink: (A large one, but still a heatsink haha)
heatsink - Google Search

 

[Getoffmycat]

Also in answer to one of your questions, Thermal Compound and Heatsinks are both used to keep certain components cool. Usually the CPU and GPU. There are many types of heatsinks, but the ones I've seen have copper pipes to absorb heat, and then it's spread across a bunch of metal plates. The thermal compound is the catalyst for heat transfer. Without it, the amount of heat moved from the CPU or GPU to the heatsink would be much lower. So it's always a good idea to check your thermal paste every once in a while, just to make sure it isn't cracked and dry. If this occurs, it loses some of it's heat moving abilities which can cause components to overheat. This is very common in laptops if they are not serviced in 2 years or more.

An image of a heatsink: (A large one, but still a heatsink haha)
heatsink - Google Search

Do i need thermal paste for this build?

 

[PP Mguire]

If you plan on sticking with the stock cooler for over 6 months then I would get some. Otherwise no, not at this moment. The stock cooler comes with paste pre-applied.

 

[luke127]

Thanks for reminding me PP, I'll add that to my build list xD