I built my current system for $600 that is identical to that one, sans the watercooling stuff and the decent vid card. That was almost a year ago.
Use newegg and you should be able to build what you want for $700 easy, as sn_85 says.
Oh, and you can never have too much hard drive space. If this guy is using broadband, he may need the extra drive.
Alchemy
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