Maximum PC

I have recently decided to pursue my long time dream to build a gaming machine. I don't know a heck of a lot about building pcs as this will be my first but I do have some pretty basic knowledge of computers in general and have been trying to read up as much on this stuff as I can. Any and all suggestions, comments and opinions are greatly welcomed. Well anyways, here is what i have my heart set on so far:
CPU: Intel Core i7-3820 Sandy Bridge-E 3.6GHz (3.8GHz Turbo Boost) LGA 2011 130W Quad-Core Desktop Processor BX80619i73820
GPU: GeForce GTX 670
Motherboard: Asus SABERTOOTH X79
Monitor: SAMSUNG B350 Series S24B350HL Transparent Red 23.6" 2ms GTG HDMI Widescreen LED Monitor 250 cd/m2 DCR Mega Infinity (1000:1)

With the exeption of the monitor, I am pretty certain this is what i want going into it. As far as the monitor I would ideally like to get something cheaper but is nice quality and has the LED backlight. I looked at a few asus models and they all seemed sorta iffy. As far as everything else such as RAM, hard drive, disc drive, cpu fan, etc. I am still pretty undecided. My first big question has to do with the ram. The processor says it will handle up to 1600 Mhz while the motherboard says up to 1866 so how should i choose my ram accordingly. I would like to have about 16gbs. Also i would like to know more about overclocking the cpu/gpu like pros and cons and such. Well i suppose ill leave it at this for now.
-Joe

thanks for the response! First off, in addition to video encoding/editing I will be starting school for graphic design soon so i plan to use this pc for school. My budget is around $1500. I am also looking to have a dual monitor setup but not initially. I had compared multiple processors and vid cards and chose the 3820 because of its larger cache and 4 memory channels. I chose the 670 because it was slightly better than the 660 ti and not alot more in price. My thinking with spending a little more on the CPU/GPU was performance and that i wouldnt need an upgrade as quickly. what do you think? if it really doesnt make a difference one way or the other then i probably should go cheaper then huh? Thoughts?