So far I have got the following components.

+ i5-3570k
+ Two sticks of Corsair Vengeance 8 MB 1600MHZ memory
+ MSI Z77A-G45 Motherboard
+ A Corsair 650TX PSU 650 Watss
+ Thermaltake VN40006W2N Commander MS-I Snow Edition Tower Case - ATX, Mid-Tower
+ a 1TB 7200rpm HDD by WD.

Plan on getting the following next.

+ EVGA GeForce 650 Ti Superclocked 2GB video card.
+ LG 14X Blu-Ray Burner
+Thermaltake Water 2.0 Extreme CLW0217 CPU Liquid Cooler

It all come downs to one thing of concern: It's PSU. Will I run into bottlenecks w/ this setup?

That PSU should be just fine given your other components; however, you may want to pay a little more to go with the modular version (here) as with a mid-tower case you're probably going to already be a bit cramped before having to find room for cables you're not using. The rest of the components are all close enough in performance that you shouldn't be running into any kind of noticeable bottleneck from any single component. However, I'd recommend ditching the liquid cooling system. There's no point in having that unless you're planning on doing some serious overclocking, and your CPU is already your highest-end component. Liquid cooling can also be quite a pain in the ass, so there's no reason to go with it unless you really need it.

You PSU is more than good enough, even for higher end video cards. Speaking of which, you might want to go with a decent air cooler instead, and put the money saved into a better video card. Something like a 7870 should be good for most current games at 1080p. For storage an SSD would be a very nice addition, if you have the budget for it.

Finally, I suggest getting an external optical drive, so that you can share it among your computers, since you probably won't be using it all that often anyway. Unless of course you know you're going to use it a lot, in which case, go ahead with an internal one.

You can calculate how much power the setup needs at this site:

http://www.extreme.outervision.com/psucalculatorlite.jsp

As disclaimer, I've never built a PC and don't have a Windows machine up, but here are my amateur thoughts. I may echo my betters^. I notice it gets fairly complicated trying to explain all the possibilities you may be thinking, so this is what I'd do.

I'd balance the $ for CPU and GPU better. I'd get rid of water-cooling. My fantasy build list is air-cooled, but w/e... might still be too much $ on cooling, but I've got the Xigmatek Aegir on my list, and you can always buy higher-end fans to slap on it as a cooling upgrade. Again, I think it's fair to assume you need more GPU punch to necessitate the $ on cooling for overclocking the CPU. And, then, yeah: SSD.

I agree, ditch the water cooling. If this is your first build, stick to air cooled. It will be less confusing and will save you a lot of money and hassle. If you're thinking of overclocking for your first build, I would advise against it. Make sure your first system is up and operational and stays that way for a few months before even considering that route.
As for the bluray burner...do your really think you will use it? I understand the reading of blurays, but burning them? You may want to consider just the bluray combo drive, reads and writes CDRs and DVDRs, but only reads blurays. Shoot, these days I rarely even burn DVDs or CDs (usually just for work).

With Windows 8 yes... Xp = no.

What are you wanting this system to do... games of course but what else?

Did someone say SSD?

(Yes, I know people said it, but it's worth repeating.)

Hope you made sure that the motherboard and memory have no compatibility issues. That is something that bites a lot of people in the butt and in all my builds that is the 1st priority. Corsair and Kingston have online databases with compatibility between various motherboards and their memory offerings (corsair's is larger imo)

Other than that, the only cause of concern is that 650ti. If you can hold on for a while, there should be some 700 series models coming. They are still Kepler, granted, but just hold on in order to compare specs and prices.

Nvidia 650 or 650Ti? Not enough powerful in my opinion. I would buy a 760, or 660Ti, or AMD 7950 boost, or AMD 7870 GHz Edition.

I'll consider the air cooler. Anyways. I plan on using the burner to make back up copies of data files. Especially storing my GOG game installers & it's bonuses into BD discs to save some space.

If I consider getting an SSD. I need to look for an accessory that'll put an 2.5 SSD into a 3.5 bay.

For anyone who might be interested, this is a really good guide for anyone interested in buying parts to assemble their own PC:
http://4changboard.wikia.com/wiki/Falcon_Guide

All builds for different budgets/prices ranges, I'd say it's the best guide out there for buying a PC to build.

Thank you, this is helpful.

I was just asking, because BD prices are still higher than I would like. It would be cheaper to just buy two 1tb USB drives, one for your game backups and another for redundancy if needed...Newegg had a deal for $70 for WD 1TB Passport 2.5" USB Drive. I think the sale ends today, though.
The SSD is a great idea, but they can be pricey/GB. I will never go back to a spinner for my main drive after feeling the performance of an SSD first hand.

As for the SSD, some of the SSD kits come with the 2.5" bracket. But if it doesn't they run $10 on average and nowhere more than $20.

Or you could do as I did and attach it to a normal 3.5inches bay with a rubber band and a cable tie ;P ,it worked great (while I was waiting for the 3.5 to 2.5 adapter to arrive)