For the most part it looks reasonably good. I would ditch the watercooler in favour of a beefier GPU. A stock i5 won't throw out much heat at all and since it's a non 'k' version you're not really gonna be able to overclock it. So there is not much point in the watercooler.
You'll probably also find that the Sound Card won't offer much, if anything over the one that comes on your motherboard.
In terms of storage, have a gander at Samsungs 840 series of SSDs. Really good, but in saying that there is nothing wrong with the Intel one.
I would swap the Seagate out for a Western Digital Caviar Black/Blue, Seagate have been plagued by reliability issues lately.
Ummm, I would suggest you take a look at upgrading to an unlocked CPU if possible and definitely throwing more money at the GPU. And I'm sure you can find a cheaper WiFi adaptor than that. This for example
http://www.computerlounge.co.nz/components...sp?partid=20477 K CPU is a good option for the extra forty dollars or so, just be sure the motherboard will support it