Yes it is. It will likely run everything on high with little problem. That being said, a few things that you can't forget.
OS - Unless you have a fresh install disk sitting around somewhere, you'll need one. They're about $100 for Windows 7 home premium, IIRC.
Antivirus - Its a must. I hate when people get new computers and think that AVG or Malwarebyts is enough. It isn't, I've fixed countless computers because they didn't have right protection. I suggest ESET NOD 32 5.0. I've been using Eset for a few year. It doesn't take a lot of resources, has a mode specifically for gamers, gets updated daily, and I haven't had one software problem since I've used them. (have had a failed HD, but that has nothing to do with NOD32.
Proper cooling. Nothing fancy like water cooling is needed, just a decent case and a nice CPU fan. The CPU fans that come with the CPU aren't all that great.
http://www.newegg.com/Product/Product.aspx?Item=N82E16835103099 especially if you plan on Overclocking.
I use http://www.newegg.com/Product/Product.aspx?Item=N82E16811119160 on my current rig, and it has great airflow and lots of room.
Heres some suggestions if you're trying to save a buck;
-You only need 4GB of RAM. Unless you're running a game, iTunes, Web, etc at the same time, its unessesary.
-2TB is way to much, unless you do
A LOT of gaming. I have 5 years worth of PC games on my HD, and still have around 209GB out of 750GB, thats with games/schoolwork/buisness documents/etc. HD prices are really inflated right now, some of them are almost 3x the regular price before the tsunamis.
-I suggest going with the 6870 instead. Its half the price and will work for pretty much any game set at high settings. When you need a boost, just buy another and xfire it.
-Unless you watch a ton of Bluray or don't have an HDTV, I'd suggest going with a normal CD/DVD reader/writer. I know that I like to sit back and relax when watching movies, but you may be different. Its also a real pain when having someone over to watch movies.
But if you have the money to spare, by all means get what you want.