SeymourGore
Flatulent Cherub
Nice, although the word on the street is that the 5770 is outdated as hell. What would happen if I jumped from an i7 and a new GFX in lets say.. a month? Would I have to change mobos?
Yeah, 5770 is quite old now, but it should run lower resolutions quite well. With that said, you might be better served with a 6870 (About $165-200ish), it's what I'm currently using and I haven't experienced many FPS issues (gaming @ 1920x1080). And, yeah, you'll have no problem running a i7 on that board, just make sure it's a compatible i7 (1155 chipset, I believe). Seymour can help you out when it comes time to choose a new CPU.
My biggest concern would be that 500w PSU. It's a quality PSU, but you might want some more breathing room for future upgrades. Here's a Corsair 750 watt PSU at $129.99, which may seem steep, but a quality PSU can last you a long time.
http://www.newegg.com/Product/Product.aspx?Item=N82E16817139021