Hi! I notice you're using PCCG to buy your rig. I was gonna use them but ended up using MSY (also in aus, and cheaper than PCCG)
If I may say a few things,
firstly I second what slh28 said, don't bother getting a Sandy 2600K. If you want to be gaming, look at the 3570K or the 2500K, which are $245 and $220 respectively. (if I were you I'd go with the 3570K because it performs better than the 2500K, and it's a better architecture)
anyhow if you don't plan on OC'ing then just go with the 3550 which (still) performs marginally better than the 2500K.
apart from that, I notice you could cut a few corners here and there to upgrade you graphics card, since the GT 640 is not very good for high-end gaming (performing around the same as a HD6670).
If you wouldn't mind, I edited your list a tad, just balancing parts out a bit.
(you'll need to be logged into your PCCG account to view this)
http://www.pccasegear.com/index.php?main_page=wish_lists&wlcId=74625&action=wish_lists
REASONING:
OK, as you may notice I changed quite a few things.
Firstly, the CPU I switched from the 2600K to the 3570K. simply because the 3570K performs better in gaming and general usage, all the while being around $80 cheaper. I think you'd be happier with the 3570K in the long run since it's intel's newest architecture (ivy bridge) and you wouldn't be needing to upgrade for a fair few years.
next, I switched the graphics card from the GT640 to the ASUS GTX560Ti.
This way, you retain your lovely red&black colour theme, and triple your video performance.
next, I switched CPU coolers from the Arctic to the CoolerMaster Hyper 212 EVO, simply because the CM is highly regarded as one of (if not) the best semi-budget air coolers on the market. I beleive it would perform marginally better than the Arctic, and for around the same price.
next, I switched SSD's from the intel to the corsair force series 120GB. it's only around 20 bucks more, but it performs extremely well, plus it suits your red & black colour scheme.
next, switched from the WD caviar green to the seagate barracuda 2TB. I didn't have to do this, I just happen to regard Seagate barracudas over the WD caviar green. just a personal preference though, feel free to ignore it and stick with the WD.
next, I switched the case from the Sharkoon to the Coolermaster HAF XM. this is a mid-tower version of the HAF-X, one of the best gaming cases on the market in terms of cooling, cable management, and features. It does set you back a few more bucks than the budget sharkoon, but it's well worth it.
next, I downgraded your RAM from 16 GB to 8GB.
this is only because 16GB is MONSTROUS. you will never ever EVER fill 16GB if you're not running any insanely high RAM taxing programs.
Right now, I have 8 tabs of google chrome open, skyrim, and music playing. with my 8GB, it only put the RAM under 45% meaning out of my 8GB, I still have around 4 whole GB of RAM to fill. now with 16GB I consider that extremely Overkill. plus this way you save a good $70.
next, I switched your Power supply from the OCZ to the Antec HCG 620W modular. simply because Antec>OCZ in terms of reliability and stability. (not hating on OCZ, have had great history with their products, I'm just stating facts.)
I think that's just about all the changes I made.
If you actually read all of this, I take off my hypothetical hat to you, well done.
please note I am not telling you to do anything, I am just suggesting a few changes which would make your PC better in terms of general use & gaming.
if anyone else would like to contribute, please do, since this took over half an hour to write (including making the new list) and I'm too lazy to proofread.
Acer S220HQLBD 21.5in Widescreen LED Monitor [FONT=Arial]In stock[/FONT] $129.00 [CENTER][/CENTER] 
Sharkoon T9 Value Red Case USB 3.0 [FONT=Arial]In stock[/FONT] $65.00 [CENTER][/CENTER] 
ASUS GeForce GT 640 2GB [FONT=Arial]In stock[/FONT] $129.00 [CENTER][/CENTER] 
Intel 330 Series 120GB SSD [FONT=Arial]In stock[/FONT] $139.00 [CENTER][/CENTER] 
Western Digital Green 2TB WD20EARX [FONT=Arial]In stock[/FONT] $115.00 [CENTER][/CENTER] 
OCZ Fatal1ty Series 750W Modular [FONT=Arial]In stock[/FONT] $109.00 [CENTER][/CENTER] 
Pioneer DVR-220LBKS Black 24xDVDRW OEM [FONT=Arial]Due 11/07/12[/FONT] $29.00 [CENTER][/CENTER] 
Intel Core i7 2600K [FONT=Arial]In stock[/FONT] $325.00 [CENTER][/CENTER] 
ASRock Fatal1ty Z77 Performance Motherboard [FONT=Arial]In stock[/FONT] $185.00 [CENTER][/CENTER] 
Corsair CMV16GX3M2A1333C9 16GB Kit (2x8GB) DDR3 [FONT=Arial]In stock[/FONT] $115.00 [CENTER][/CENTER] 
Logitech G510 Gaming Keyboard [FONT=Arial]In stock[/FONT] $105.00 [CENTER][/CENTER] 
Arctic Cooling Freezer i30 CPU Cooler [FONT=Arial]Due 10/07/12[/FONT] $39.00 [CENTER][/CENTER] 
Logitech G400 Optical Gaming Mouse [FONT=Arial]In stock[/FONT] $35.00 [CENTER][/CENTER] 
Microsoft Windows 7 Home Premium Retail Pack [FONT=Arial]In stock[/FONT] $239.00 [CENTER][/CENTER]
