what are you using this rig for? IF your using it for gaming the 12gigs of RAM is overkill since you won't be using more than 4. So I would recommend only getting 6 gigs of RAM. The 1200watt power supply is overkill as well. An 850watt is more than what you'll ever need unless you plan on using 3 480's any of these Corsair HX850, XFX BE 850W, SeaSonic S12D 850W, SeaSonic M12D 850W, Silverstone Strider Plus 850W. The i7 is pointless as well since no games utilize hyper threading...Unless your using this computer for some really intense video editing then you don't have to make these corrections....well the power supply is still overkill. As for the CPU cooler see this
guide. The best air cooler on the market is the NH-D14 but its fairly large. Cogage Arrow, VenX, and Megahelms are good as well.
Edit: OP, you stated you don't plan on overclocking any time soon?....might want to get a budget cooler like the CM 212+ then. For the 480's air cooling should be fine and if your not overclocking water cooling is pointless (unless you want to do it for the fun of it) and so getting a high end cpu cooler.Edited by ninjaburrito - 10/5/10 at 6:03pm