New to WC'ing, just another newb.

WCing the southbridge is a bit overkill imo, even at a major oc it doesn't get that hot. A passive heatsink is the most I think you'd need. (that's what I use.
Are you going to be going AMD or intel?

Here's what I'd suggest.

Over at Petra's:
Pump
Laing D4/MCP650 Inline 12V DC Pump $39.95
That's the pump I got, and it's been working great. It's rated for up to 50psi, so flow won't be a problem. (most tubing is rated for up to only 30ish anyways)
CPU Waterblock:
the D-TEK FuZion v2 Universal CPU Waterblock - 1/2" $62.99
Radiator:
PTS Ultimate Radiator Combo: MCR320-QP Edition $64.99
A great rad with great quality fans. (make sure you select the Yate Loon D12SH-12 88CFM ones, still really quite)
I'd suggest getting the Swiftech Steel MCB-120 "RadBox" Rev.1 - Black too. It's nice in that it allows the rad to be mounted to the back of the outside of your case, but also helps lower temperatures more than if you were to mount it inside. Rev. 2 just means it's made of steel rather than plastic, which is nice, and at only $7.95 on sale it's a steal.
Reservoir:
Swiftech MCRES-MICRO Rev2 Reservoir $25.95
I actually spoke with Alex over at Petra's extensively about this topic and he recommended me this. Just DON"T use alcohol to clean it, but then you should never use alcohol with acrylic.
Tubing, Extra, and Clamps:
7/16" ID (5/8" OD) Masterkleer General Purpose Clear PVC Tubing $0.59/foot
This is what I have my loop made and, even though it's cheap, it isn't gonna kink up unless your doing some insane angles. Since you're planning to wc other stuff later, I'd suggest 15 feet of this stuff.
Herbie Clip® Nylon Hose Clamp Size F - Black $0.25
You want to have one for each connection, so you'll wanna get 10 of them. (2 for res, 2 for cpu waterblock, 2 for rad, 2 for pump, 2 for gpu block)
Petra'sTech PT_Nuke Concentrated Biocide (10mL) $2.50
Just put a few drops of this into your loop to kill any bacterial growth.

You don't need to buy any additional fittings because all the stuff comes with them.
What kind of graphics card do you plan on getting?

Hope this helps. Welcome to the Dark Side :B