This is technically my fourth PC build. Mainly he built it and I helped with small stuff and I created the parts list. My friend needed a new PC after his Lenovo y500 wasn't cutting it anymore with its gt 650m. He had a budget of $1200 and the use of this PC was to run games and edit videos. He got the CPU and motherboard for cheap prices because he had family members who worked at Intel.
CPU: Overkill for gaming but since he does video editing and considering the price, its an obvious choice
Motherboard: This is one of those overkill 4-way SLI motherboards with a whole bunch of features you will probably never use but he got it for only $100 as opposed to $300. It was nice to work with, had plenty of connections and features.
RAM: Cheap, red and 8 GB. He might upgrade to 16 later.
SSD: Fast, had good reviews, built a PC with one before
HDD: Standard 1 TB drive, enough for now
GPU: The best bang for buck out there now. We went for the Gigabyte one because at the time it was only 329.99 and for its 3-fan cooling.
Case: Very nice and spacious inside. Although there were not enough fan screws included so we at to screw the fans diagonally in. Cable management was extremely easy and overall the case is quiet.
PSU: Very annoying to work with. The modular cables were loose and we had to go back twice and fix them. The cables are also extremely stiff and difficult to work with. However, its quiet, semi-modular and gold certified for an okay price.
We didn't get an aftermarket cooler since that would extend our budget but he is planning to get one soon. Overall we had fun building it and nothing really went wrong.
Edit: 7/21/2015 added hyper 212 evo