You could do better...
I would start by getting a graohics card by a different manufactorer, as XFX are known to have DOA often, and as it is your first build, you probally won't want to do that (I was greatly regreting anything being dead. On the plus side, XFX are used for the big W/R's. Everyone here likes eVGA, I got a personal preference to Leadtek, as they have a nice big all copper heatsink, but I can't get eVGA in the UK. If you don't want to overclock BFG overclock their's for you.
Foxconn are not a great company. This company mucked up the AV8, but I haven't heard any problems with this board, and it is only light change more expensive: http://www.newegg.com/Product/Produc...82E16813127197
You will need a 24pin PSU though (with or w/o my motherboard sugestion): http://www.newegg.com/Product/Produc...82E16817153023
- You won't have much room for upgrading, but it is the best for the price when it comes to 24pin PSU. If you can put some more money to that, than the http://www.newegg.com/Product/Produc...82E16817104155
I would really recomend getting the venice core as it has SSE3 instructions, and a better core. You won't notice much difference between the 3200 and the 3500 as well, just incase you are pushing your budget.
You are burning alot of money on the hard drive, and it has not got much space. If you got 2 hdd. and put them in RAID0 than it will be about the same speed/faster than that one, and you get more space.
Be careful in that case, as they are cheap for a reason, they spent less on the steel, by making it thinner, so you could cut your self in there.
When applying thermal compound, you only need, literally a blob the size of a grain of rice ontop of the processor. Put the heatsink ontop, and let the weight of it spread the compound arround evenly.
Enjoy the build.