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I'm building a computer for the video club at my school, we have a $1000 limit and this is what I have so far.

PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU: Intel Core i7-3770K 3.5GHz Quad-Core Processor ($229.99 @ Microcenter)
CPU Cooler: Cooler Master V8 69.7 CFM Rifle Bearing CPU Cooler ($47.99 @ Newegg)
Thermal Compound: Arctic Silver Arctic Alumina Premium Ceramic Polysynthetic 14g Thermal Paste ($4.98 @ Outlet PC)
Motherboard: ASRock Z77 Pro3 ATX LGA1155 Motherboard ($94.99 @ Amazon)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1866 Memory ($68.99 @ Newegg)
Video Card: XFX Radeon HD 7870 2GB Video Card ($191.60 @ Newegg)
Wireless Network Adapter: Rosewill RNX-G300LX 802.11b/g PCI Wi-Fi Adapter ($12.99 @ Newegg)
Case: Antec Three Hundred Illusion ATX Mid Tower Case ($70.98 @ Newegg)
Power Supply: Cooler Master Silent Pro M 700W 80 PLUS Certified ATX12V Power Supply ($54.99 @ Newegg)
Optical Drive: Lite-On iHAS124-04 DVD/CD Writer ($14.99 @ Newegg)
Monitor: Asus VE247H 23.6" Monitor ($129.99 @ Newegg)
Total: $922.48
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-05-16 02:59 EDT-0400)

I have a hard drive already
What do you think?

EDIT forgot to mention but I don't think I really need to mention it, the computer will be used for mainly editing videos. Specifically on Vegas 12 and CS4 Premiere and After Effects, we can't afford CS5 or CS6 lol.

Since when did the MineRealm forums become an IT discussion board?

On topic: Looks alright.

The first thing that comes to my somewhat sleep deprived mind is that you may not need that case. Antec cases are awesome (I'm currently using one), but if its for a school video editing computer, you can probably go with a cheaper case of some form.

I also don't know how much of a role the video card plays in video editing. I believe that the processor is more important, but I'm not positive.

You might benefit from an SSD in addition to a normal platter harddrive. That can have much higher write speeds, which should help in video encoding and whatnot.

PCPartPicker part list: http://pcpartpicker.com/p/XIdJ
Price breakdown by merchant: http://pcpartpicker.com/p/XIdJ/by_merchant/
Benchmarks: http://pcpartpicker.com/p/XIdJ/benchmarks/

CPU: Intel Core i7-3770K 3.5GHz Quad-Core Processor ($229.99 @ Microcenter)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($24.99 @ Newegg)
Thermal Compound: Arctic Silver Arctic Alumina Premium Ceramic Polysynthetic 14g Thermal Paste ($4.98 @ Outlet PC)
Motherboard: Gigabyte GA-Z77X-UD3H ATX LGA1155 Motherboard ($124.99 @ Newegg)
Memory: Corsair Vengeance 16GB (2 x 8GB) DDR3-1600 Memory ($99.99 @ Newegg)
Video Card: PowerColor Radeon HD 7870 XT 2GB Video Card ($219.99 @ Newegg)
Wireless Network Adapter: Rosewill RNX-G300LX 802.11b/g PCI Wi-Fi Adapter ($12.99 @ Newegg)
Case: NZXT Source 210 Elite (White) ATX Mid Tower Case ($42.79 @ Amazon)
Power Supply: SeaSonic S12II 620W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($65.98 @ Newegg)
Optical Drive: Lite-On iHAS124-04 DVD/CD Writer ($14.99 @ Newegg)
Monitor: Asus VE247H 23.6" Monitor ($129.99 @ Newegg)
Total: $971.67
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-05-16 16:06 EDT-0400)

Slightly altered it.

If you're not going to overclock it, then go with this:

PCPartPicker part list: http://pcpartpicker.com/p/XIfH
Price breakdown by merchant: http://pcpartpicker.com/p/XIfH/by_merchant/
Benchmarks: http://pcpartpicker.com/p/XIfH/benchmarks/

CPU: Intel Core i7-3770 3.4GHz Quad-Core Processor ($289.98 @ Amazon)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($24.99 @ Newegg)
Thermal Compound: Arctic Silver Arctic Alumina Premium Ceramic Polysynthetic 14g Thermal Paste ($4.98 @ Outlet PC)
Motherboard: Asus P8H77-V LE ATX LGA1155 Motherboard ($93.99 @ Newegg)
Memory: Corsair Vengeance 16GB (2 x 8GB) DDR3-1600 Memory ($99.99 @ Newegg)
Video Card: PowerColor Radeon HD 7870 XT 2GB Video Card ($219.99 @ Newegg)
Wireless Network Adapter: Rosewill RNX-G300LX 802.11b/g PCI Wi-Fi Adapter ($12.99 @ Newegg)
Case: NZXT Source 210 Elite (White) ATX Mid Tower Case ($42.79 @ Amazon)
Power Supply: SeaSonic S12II 620W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($65.98 @ Newegg)
Optical Drive: Lite-On iHAS124-04 DVD/CD Writer ($14.99 @ Newegg)
Monitor: Asus VE247H 23.6" Monitor ($129.99 @ Newegg)
Total: $1000.66
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-05-16 16:07 EDT-0400)