Finally, after months of planning my dad and I bought some parts and built this over the weekend with my cousin. So far I'm very happy with it, we have yet to stress the graphics card too much, but so far we've emulated PS2 games and that's worked pretty well.
CPU: We chose the 8320 with video editing as well as gaming in mind. My dad has a giant collection of VHS tapes that we plan on capturing digitally, and in theory this CPU should be good enough for relatively heavy gaming.
Graphics card: The plan for the video card was to get the 750 ti, but then the price of that suddenly went up. Fortunately though, we managed to find the 960 on sale for not too much more. I'm really enjoying how quiet the computer is, mainly thanks to the video card's passive cooling mode when not under load.
Power supply: My dad's been using the same PC Power and Cooling (Now OCZ Firepower or whatever) PSU since 2006 and in two different builds, so knowing the quality of their brand, we spent a bit more to get an OCZ power supply. So, I know what you're thinking, it's probably too big for this build. But oddly enough, the 750W one was on sale for cheaper than the 550W and 650W models, so that was a relative no-brainer.
Case: It's the Thermaltake Tsunami Dream. Good case, but I don't think it's made anymore.
The keyboard, mouse and speakers are just what we had around the house. We will be ordering those later.