Pay a bit more and get an i5…
Intel Core i5 750 Lynnfield 2.66GHz 8MB L3 Cache LGA 1156 95W Quad-Core Processor – $200
ASUS P7P55D LE LGA 1156 Intel P55 ATX Intel Motherboard – $135
plus the original power supply you had chosen. This option is $70 more but definitely worth it.
Also if you plan to use your computer for gaming, don’t bother upgrading if you aren’t going to upgrade your video card. Video card is #1 most important upgrade for gaming. I would suggest, depending on budget, to get like a radeon 4850 or something like that because 1) they are pretty cheap, only about $100 and can play most every game on high settings and 2) both the motherboard you posted and the one I suggested support crossfire, so it would be easy to add a second card later for that.
As for hard drive, buy a western digital black series drive. Speed and reliability cannot be beaten.
Also I should note that if the 480W power supply you have now is a quality power supply, you likely can hold off on upgrading that; using the extreme power supply calculator, the i5, ram, motherboard, 1 radeon 4850, 2 sata hard drives and 2 dvd burners only requires a 285W power supply, using the phenom requires 311W, so your 480W should work fine