I haven't built anything in about a year now so my suggestions would be pretty outdated (Athlon 64 X2 3800
), but I'd say the biggest risk you have is with a monitor. I looked at a lot of them before settling on an ASUS MW221U 22". I looked at ACER and SCEPTRE too. The SCEPTRE promised the most, but I crossed it off my list as they just weren't a "proven" brand name. I found little info on people with experience with SCEPTRE, so decided to go with ASUS as they have performed flawlessly for me before rather than take a risk.
You have good choices on your other stuff -- functional yet cheap.
If you need a case, this thing is godly:
http://www.newegg.com/Product/Produc...82E16811119077
I wouldn't worry about a sound card. If you do, grab an Audigy4. The best way to improve sound quality is with a good set of speakers rather than a card, but you may not need an upgrade there.
Anyways, if it's rated highly at Newegg, it's really hard to go wrong with what you choose. Smart move by not going top of the line until later.
Oh yeah, you shouldn't need watercooling for such a lightweight PC unless it's just for practice for a later system.