The system you have posted is off to a good start. There are a few component choices I would like to address:1)
get that PSU. You are going for a top-shelf 8800GT, and yet you want to install one of the cheapest, crappiest units you can find to provide power for it? Please, understand that you will need to spend at least around the $80-$100 mark for a good PSU, if you want to keep that 8800GT (or a similar power-hungry card). This
would be a good choice.2)
I would recommend this
motherboard over your choice, it's $10 cheaper and a proven quality unit.3)
Same concept, different part - get this
heatsink/fan, it's cheaper and a proven good performer for the $$$.4)
And lastly, I can see you're on a really tight budget - more on that below - but that case just looks really... well... cheap. I had a quick look at the photos that Newegg provides, and I really believe it not to be the best choice for any kind of gaming machine. The 8800GT cards are quite long, so you could have some hassles physically fitting everything inside. And there's only 2x 80mm case fan spaces, so I think we can do a little better than that. This
Cooler Master looks a lot nicer to me - sure it's more expensive, but still a cheap case. And you are going to have to look at this thing!
Now onto the budget. Currently you have not included an operating system, or an optical drive. Once you add these two choices in, you're going to hit closer to the $800 mark, with the changes I've mentioned above. So I'm seriously going to suggest we may need to try completely re-working the choices to fit everything in.
I'm also going to assume that this build is not including a new monitor, keyboard, mouse, or speakers. If these are to be included, then be sure to let us know - as then we'll need to revise further.