For just a bit more, you really should go for the 4850X2, it's so much better. And if you've got $90 to spend on sound, get the X-Fi Titanium instead. It's a better card. Also, get the Corsair 750TX PSU instead. And maybe a DFI motherboard instead.
You can ultimately lower the CPU to a E5200 if you want better everything else. Many have easily gotten to 4GHz with the E5200.