You stated a 700 dollar budget. All the suggestions here were ~800+, so here's my 0.02!
http://pcpartpicker.com/p/1Vl9P
CPU: AMD FX-8350 4.0GHz 8-Core Processor. With new games coming out and optimizing for more cores, the FX-8350's performance should improve to match/slightly surpass the i5 3570k/4670k. It's also cheaper.
CPU Cooler: Cooler Master Hyper 212 Plus 76.8 CFM Sleeve Bearing CPU Cooler. The performance is almost identical to the EVO. It'll work well, especially if you're not overclocking just yet(assuming you won't be overclocking until a bit due to no knowledge/console)
MOBO: MSI 970A-G46 ATX AM3+ Motherboard. I went with this one because it was cheaper without sacrificing much. If you're not going to be getting a Solid State Drive(more info later), I would take the Asus M5A97 R2.0 ATX AM3+ Motherboard as the performance would probably be a little bit better with the larger heatsinks and stuff.
RAM: Crucial Ballistix 8GB (2 x 4GB) DDR3-1600 Memory. You don't need more than 8GB for gaming. If in a couple years you feel it's maxing out, there's two more slots for more memory in your motherboard.
HDD: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive. Typical 1TB drive.
GPU: MSI Radeon HD 7850 2GB Video Card. I had a 1GB 7850 and it worked awesome. 2GB is the sweet spot nowadays.
Case: NZXT Source 210 (Black) ATX Mid Tower Case. cheap, does the job.
PSU: XFX 550W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply. Plenty for the build. Anything 600w+ is overkill for this system. I have one in my system, and it works flawlessly.
OD: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer. If you don't need this, you can save 15 bucks or so. Otherwise, it's here if you need it.
ADDABLE OPTION:
SSD: http://pcpartpicker.com/part/kingston-internal-hard-drive-sv300s37a120g. Cheap SSD with a decent size. Although it's not the highest performing drive, it'll still be a LOT faster than that 1TB hard drive. You will want to put your OS and most used programs on here. It'll make your boot times FAST, and your programs snappy. If you can push your budget just a little bit, this would make a great buy.
Hope this helped :)