There is lots of good advice here. Budget is always an issue. However, one piece of advice not seemed to be mentioned anywhere in this thread is you get what you pay for. While a cut back system may play current games, how long do you want this system to be functional? You can build a system that is ok to good for your needs today but what is your time horizon for when you next want to do this again - one year? three years? five years? Lots of people who build systems will say build a system that will last at least three - five years.
Will you better off waiting until you have the money to build a better and fully upgradeable system that will be good 3 to 5 years from now (and likely as up to date then as a cut back system would be now)? Go with a better PCIe-3.0 mobo, an I7, a GTX 660 (due this summer), a larger PSU etc. So instead of spending $800 or so now on a lesser system, wait until you have $1200 - $1400 and do it up right. You will be happier in the long run. There are too many people on these forums with brand new but cheaper systems based on 5 year old tech that can barely run today's games much less tomorrows.



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