Im Building My First Computer, And I Have A Few Questions About It?

Im Building my first Computer, and I have got together this build. Im not sure about it though? Need some advice.
Im only 16, so I don’t have a lot of experience.
Mobo – ASRock B75 Pro3-M Motherboard mATX £53.93 http://www.amazon.co.uk/ASRock-B75-Motherboard-Instant-Charger/dp/B007RQ0HSA/ref=sr_1_1?s=computers&ie=UTF8&qid=1361395936&sr=1-1
cpu – Intel 3rd Generation Core i5-3570K CPU £165.14 http://www.amazon.co.uk/Intel-Generation-i5-3570K-3-40GHz-Technology/dp/B007RUZKK6/ref=sr_1_1?s=computers&ie=UTF8&qid=1361493869&sr=1-1
ram – Corsair CMZ8GX3M2A1600C9R 8GB (2 x 4 GB) DDR3 Vengeance Memory £46.85 http://www.amazon.co.uk/Corsair-CMZ8GX3M2A1600C9R-DDR3-Vengeance-Memory/dp/B0053GLCEY/ref=sr_1_1?s=computers&ie=UTF8&qid=1361395699&sr=1-1
gpu – MSI HD 7850 OC 2048MB GDDR5 PCI-Express Graphics Cards £149.99 http://www.overclockers.co.uk/showproduct.php?prodid=GX-191-MS&groupid=701&catid=56&subcat=411
hdd – Seagate ST31000524AS 3.5 inch 1TB Hard Drive £56.95 http://www.amazon.co.uk/Seagate-ST31000524AS-Drive-Serial-ATA-7200RPM/dp/B004IZN3YI/ref=sr_1_2?ie=UTF8&qid=1361395520&sr=8-2
opt. drive – LG GH24NS90.AUAA50B 24x SATA Bare Internal DVD Rewriter £17.26 http://www.amazon.co.uk/LG-GH24NS90-AUAA50B-SATA-Internal-Rewriter/dp/B007267YRC/ref=sr_1_1?ie=UTF8&qid=1361395382&sr=8-1
psu – OCZ OCZ-CXS500W-UK CoreXStream Series 500W Power Supply £32.51 http://www.amazon.co.uk/OCZ-OCZ-CXS500W-UK-CoreXStream-Series-Supply/dp/B007SU2QRK/ref=sr_1_1?s=computers&ie=UTF8&qid=1361400210&sr=1-1
case – Zalman Z11 Plus Midi Tower Case £51.98 http://www.amazon.co.uk/Zalman-Z11-Plus-Installation-Anti-Vibration/dp/B007C008L2/ref=sr_1_2?s=computers&ie=UTF8&qid=1361494428&sr=1-2
OS – Microsoft Windows 7 Home Premium, Full Version (PC DVD), 1 User £69.94 http://www.amazon.co.uk/Microsoft-Windows-software-intended-builders/dp/B004Q0PT3I/ref=sr_1_1?ie=UTF8&qid=1361400044&sr=8-1
or (os – Microsoft Windows 8 64 bit OEM, WN7-00403, English Version) £67.98 http://www.amazon.co.uk/Microsoft-Windows-WN7-00403-English-Version/dp/B009HI2W66/ref=sr_1_3?ie=UTF8&qid=1361495387&sr=8-3
TOTAL £642.56
First of all, will it all work?
Are there any recommendations to which I should change, baring in mind I’d rather not spend much more?
Should I go for Windows 8 or 7. I’ve never used 8, but I feel I should give it try.
Will the case be ok for the build?
If a case says it takes ATX or less, does that include M-ATX
Will the power supply work with it, and will there be much overpower.
Is the graphics card a good one, and worth the money. Or is it overkill?
Are there any other cool cases which work well and arent overpriced?
Can I save any money here?
And thats it I think.
Thanks.

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