I'm not one to ask, as I don't have my own rig at the moment therfor have never tried it. If you want more information on it you may want to start a new topic. But it's pretty easy from what I hear, I believe it's only a simple BIOS setting, but again I could be wrong.
HDCP stands for High Definition Copy Protection. It's pretty self explanatory for why it was created, to protect High definition content from being copied. Anyways basically it stops the user from recording the screen(with programs such as easy screen capture or FRAPS) when HD content is being played. It's a requirement to play High Definition (HD) players such as HD DVD and Blu-ray, if you don't have it, it simply will be played in 720p, not 1080p. I'm only suggesting this to future proof your rig, this is totally up to you, but you'll probably want one of these two drives in a two year or earlier once prices come down. (they have already fallen about 400$ since they we released 9 months ago).
Dual channel, is a way to have two memory modules working together and have increased bandwidth, it averages on being 20% faster if I remember correctly. Yes it's overclockable.
I recommend different ram company, more well known, also for overclocking you'll want lower latency ram. Preferably 4-4-4-12 timing (lower the better).
Good monitor, if your wondering it has an Ultra Wide Viewing Angle 176/176. More details about it are here, http://www.sceptre.com/Products/LCD/Specif...x20wc-Gamer.htm