This is my first gaming PC that I've ever built. I'm using my tax return money, so I want to make sure that I'm doing this right. This will play the latest games, right? How well will they run? Will the ethernet card allow me to connect to the internet?
Okay, you're CPU is fine but I would get a better motherboard and you could buy an I3-3220 instead of the I5 and save money. The RAM you chose is pointless since you can get 8GB's of RAM for $40 instead of buying 2 2GB's for more. You can get a Western Digital or Seagate 500GB HD for the same price of the HD that you chose. Video card is crap for gaming really, get a Radeon 7770 or GTX 650TI at least. I'd get a better PSU like the Corsair 430W PSU, it's more than enough to power this system. And you do not need an ethernet card since the mobo already has a working ethernet port. With the parts I suggested you could definitely play all modern games on medium or high settings.