I'd make a few changes:
-First off, you can get an mx700 for pretty cheap nowadays.. Get it.. You won't regret it...
-I believe cd burners are slowly fading away and becoming last years tech..I know the liteon drives are nice but I wouldn't pay $57.99 for something that'll be obsolete soon - spring for a low end dvd-r (you can probably get a 2x dvd-r for below $100... Of course, 4x and dual format's nicer but even 1x dvd-r will be more useful than a cdrw)...
-Monitor.. I like LCDs and probably will get one soon.. But for gaming, I'm still not sure if it's the way to go.. I know that response times have increased but I like the ability to switch resolutions and honestly have not seen an LCD that's as beautiful as my sony fd trinitron 21" (paid $180 shipped for a refurb).. Now, if space is an issue than get an LCD-I'm still waiting a year or so before taking the leap
-Motherboard, memory, and CPU are fine.. Maybe up the ram even more.. I believe that you can never have too much ram, but 1gb is a safe bet (I have 512mb and some programs hog it up, including games)... One note though - I believe that the I865 is a dual channel chipset (I may be wrong) so your best bet is to get a matching pair of identical memory chips, not 3... There was a test showing different memory combinations and their effects on performance - too busy to look it up but they configuration DOES have an impact .. Use the money that you saved on getting a CRT over an LCD for 2x512mb chips 😉 - PS no real reason to get an I875 motherboard (as suggested by someone here)
-Speakers: Do you want 2.1? I mean, why not go for 4.1? If it's a space issue than I understand.. If it's price then there are plenty of great 4.1/5.1/6.1 sets for the same price as those 2.1s.. Here are a few: Altec Lansing 5100, Logitech Z-560 (4.1), Klipsch refurbs... Too lazy to add more.. You can even get the z-640's by logitech for less than $100 (not in the same league as klipsch but lots of bang for buck).
-Video Card... Don't really listen to what anyone says.. No one really knows for sure... What is true is that the game will probably run fine on a geforce 4 level card but with a lot of goodies turned off.. What I would do is wait.. Either find an old card in your closet and use it until a either the games are launched or the 9800 successor is named.... If you must play the game at highest quality and must get something NOW then I suggest simply the most powerful card that you can afford...
-Sound card - If you can afford it get the audigy 2 if you listen to music.. I've heard that there's a significant difference..
Hope this helps! I would wait a tiny little bit before spending any money.. The athlon 64 should launch soon and, regardless of that processors performance, will cause the P4's price to shift dramatically...