Is this a good build?

the coolermaster 212 is a good cooler for the price although again it doesnt fit the 2011 socket.

there are a few good 2011 air coolers but around £30-£40 because of the larger socket size might aswell put an extra £10-£15 and get a corsair h60 or even better a h100i if your looking for future overclocking.

h60
http://www.overclockers.co.uk/showproduct.php?prodid=HS-006-CS&tool=3

h100i
http://www.overclockers.co.uk/showproduct.php?prodid=HS-015-CS

however if your adamant to save money then the best for the price would be this. you can always add another fan on the back for better performance.

http://www.overclockers.co.uk/showproduct.php?prodid=HS-005-DC&groupid=701&catid=2330&subcat=2742

and most coolers come with thermal paste all ready applied but a small tube of thermal compound is only a few £. some good compound is arctic cooling mx-2 and mx-4, Tuniq TX-4 etc.

Zusy, what exactly do you want to do with your new system? In other words, besides gaming what do want this system to be able to do for you?

Second, have you ever overclocked before?