No, no, no!
Buy a sandy bridge 2nd gen i7. They just came out. The processor you need is an i7 2600K (or a different i7 2600).
They are far better than the i7 950 and comparable price. They use 32nm design rather than 1st gen i7's 45nm design, which makes them far more size and power efficient. They are simply newer technology.
For graphics card, its hard to compete with new Nvidia Geforce GTX 580. It is their flagship graphics card and is extremely good. Investment in a graphics card is never a bad idea, having a killer graphics card just makes everything run perfectly.
While others say there is no difference, its not true at all. I run an i7 950 (128gb ssd), radeon 5850 and load my turn faster than anyone else. The starting video lasts all of 2 seconds before i get past it. (My 4 yr old computer spent 10 minutes on it).
Now, I'm not being ridiculous- I am actually offering value options... ridiculous would be liquid cooled overclocked computer with 3 580s in SLI
Also, I have no faith in AMD's new bulldozer stuff. If I am waiting that long, why not wait longer for Intel's next yr processors (which will be 22 nm!!). AMD's current processors do not compare with Intel, and their only good statistic is performance/price, since AMD processors are dirt-cheap.
8GB ram is good, try to get it as 2x4GB rather than 4x2GB, if possible.
A Newegg option (though it doesnt have a 580 ;/ ):
http://www.newegg.com/Product/Product.aspx?Item=N82E16883229238
Ebay:
http://cgi.ebay.com/Intel-Core-i7-2600K-3-4Ghz-Quad-Core-GTX580-Computer-/290521735038
or a really amazingly cool (but $3800!)
http://www.gamepc.com/shop/systemfamily.asp?family=gpcp4
^^ is mini-ITX with the 2600K/580.
Pretty amazing packing that much power in such a small form
