My current specs are -
 
 

Oh and forgot about the Hard Drive, and recommend a new one?
 
I also live in Aus so no US stores to buy the things from, websites only please =)

Dude, I hope you got the cash if your building around that GPU and RAM. You'll be looking at a ~$300 Mobo, ~150 PSU, ~$400 CPU. 
 
Rate the GPU and RAM? You didn't even list RAM, only that you want way to much of it, what exactly do you plan on doing with 12 GBs of RAM? Also the GPU is probably overkill.

Your CPU is perfectly fine for now, and should be good for a few more years at least.
RAM might use an upgrade, but 3GB is OK for now, you don't need 12GB of RAM unless you're doing production work, video or 3D professional work.  6GB will be fine.
The videocard is a waste of money, if you're so intent on having the highest end GPU at least get ATI's latest offering.  Better yet wait until Nvidia's next GPU line is out and don't buy the highest end.

" Your CPU is perfectly fine for now, and should be good for a few more years at least. RAM might use an upgrade, but 3GB is OK for now, you don't need 12GB of RAM unless you're doing production work, video or 3D professional work.  6GB will be fine. The videocard is a waste of money, if you're so intent on having the highest end GPU at least get ATI's latest offering.  Better yet wait until Nvidia's next GPU line is out and don't buy the highest end. "

If he is getting a dual 295 that CPU he has is going to bottleneck his system. Plus his PSU and Mobo may not even be compatible with the 295 so he would probably have to update his Mobo anyways and if he is going to do that he might as well get a good CPU.  And as for waiting for the "next best thing", you might as well not buy anything as there is always a "next best thing" coming in about 6 months. "

Coverless tech, I agree with you about bottlenecking on a dual gpu card, you know your stuff. It's know to benchmark sites for really powerful videocards and real pc gamers. I bought a 9800GX2 way before, lots of bottlenecking for the frames as they mentioned on those benchmark review sites with a crappier speed cpu.
   
http://www.pcgameshardware.com/aid,672004/GTA-4-PC-Intel-Core-i7-far-ahead-of-Core-2-Quad-in-CPU-benchmarks/Reviews/    

you got a q6600, i would try overclocking that shiz to 3ghz first before you upgrade your stuff. 

Wow slow down. First off don't get an SLI setup. Why? Usually one video card is better than 2. SLI is over rated.
 
Secondly how fast is your memory? Your CPU and Memory are fine. What you need and should do is upgrade the power supply and video card. Get a Zalmann 750 watts from Newegg. Under specifications make sure it lists 4 +12volt rails at 20 AMPS each. Do not get anything less. I repeat do not get anything less. 
 
That should be able to run all the current and future games for the next few years fine. If anything you could install more memory if your system is 64bit. (The Windows) If it's 32bit it only reads 3.5 GB of ram, the extra 512 is lost to other system components.
 
In contrast the 64 bit version has way more ram capacity more than you'll ever need. 
 
In conclusion I recommend a power supply and video card upgrade first. Then upgrade the memory. I wouldn't spend any more money. 
 
For that you build a new system considering the bundles out there. I recommend Newegg.com

Your ram is fine, your cpu is fine, and your hdd is fine. Get one graphics card of your choice, albeit ATI or Nvidia, depends on if you want dx11(Radeon 5870), and maybe a motherboard upgrade. Also, you might want to consider if your power supply unit can handle everything. I would suggest going to www.newegg.com to buy your stuff.
 

2 295's? 
 
YOU  COULD BUY A WHOLE NEW COMPUTER FOR THAT MUCH THAT CAN PLAY LIKE EVERY GAME!

Buy more RAM, that is all.

single card solution always, fuck sli.

for you mother board I'd recommend either the ASUS MAximus III Formula ( http://asus.com/product.aspx?P_ID=0ODEkxv4cmlXkqmr&templete=2
   ) or the new ASUS Mayhem ( http://event.asus.com/Xtreme_Design/mb/mayhem/ ).