Reborn Newbie

Hello all,
It is time to build a new computer, finally squeezed the life out of my P4 3.0, the new games are getting to greedy for my Radeon HD2600 and it's slow AGP slot.
I say reborn newbie as I had kept up with everything new up until about 5 years ago when I finished my current build.
I am looking for suggestions for a new cpu/mobo/ram/video, I already have the case (ultra tower), psu (ocz 700W), optical drives and hdd (1 TB across 2 sata drives and an additional 600Gb across ide).
I am not a gamer but the games I do play tend to be car racing and fps and I want them to look great.
Right now I have intel but have been a fan of AMD in the past, and I am a loyal ati guy.
I am looking for suggestions in the $500-$700 range, please remember I am in Canada.
I have no idea when it comes to current slot types, processor names etc, I don't think I intend to go down a built video card route, but other than that I am pretty open to suggestion.
I know this question is a little vague but I trust I have given you enough to work with.
Thanks in advance...

Motherboard: GIGABYTE GA-MA790XT-UD4P $105
CPU: AMD Phenom II X4 945 $165
Video: XFX Radeon HD 5770 $180.50
RAM: CORSAIR XMS3 4GB (2 x 2GB) $111.50

I have that exact video card and it can handle every game I have on max quality at 1920*1080 with at least 2x antialiasing.

Edited by RainbowSix, 09 February 2010 - 08:05 PM.

That's a good setup, but a AMD Phenom II X4 955 Black Edition Deneb 3.2GHz would be better in that Black Edition processors are more easily overclocked. Remember, you also need an operating system like Windows 7 Home Premium 64-bit. RainbowSix has a very solid mid range setup that will meet your needs very nicely. The motherboard is by a good company and allows for AMD's AM3 CPU's. The 790X chipset it uses is their mid-range offering, more powerful than a 770 but less featured, and less expensive, than a 790FX. The Phenom II 955 is very fast and since it is Black Edition, is very easily overclocked since the multiplier is unlocked. The Radeon 5770 is also a mid range card that is roughly on par with the Radeon 4870 in most games, but takes less power, produces less heat, and allows for DirectX 11. All current generation graphics cards use the PCI Express X16 slot, which is faster than the old AGP.

Thanks Guys.