Yeah thats pretty much it. When you're building it you'll probably want another computer or laptop handy that you can use to google anything you're unsure of or ask one of us. Also don't forget to read the manuals

What case/hard disk/PSU do you have currently btw?
For future upgrades if you go for the setup I suggested I would recommend first and foremost a new cpu cooler to allow you to OC as stock isn't good enough imo. Next on the list would be depending on your current hdd either a new one (possibly a small ssd for windows/games) and/or upgrading to 8gb ram if you really need to save money now so only go for 4gb atm. Then it'd be a new monitor (not sure on your current one) to get the best out of the graphics card which should be able to handle max graphics for any current game at some insane resolution. Then you should be set for pretty much the next 4 years before having to touch it again.
Also attached is a torrent for win 7 ultimate, you'll want the 64bit version.