A GTX 295 already has two GPUs on a single chip. So, running with 2 of them of them would be quad (4) SLI. You need to be 100% sure your motherboard of choice can support this!
Video cards suffer heavily from dimished returns and often, its not worth going past 2. But, please go to google and search for benchmarks before you make any purchases. Then, you can see the scaling for yourself. The 295s also run very loud and very *hot*, so having two of them running together would mean you need to provide VERY GOOD cooling.
Currently, the fastest single GPU chips are the Radeon 5870 (#1), the Radeon 5850 (#2), and then finally the GTX 285 (#3). But again, with the claimed-issues of 'OpenGL' and ATI cards, I can't say if it would be better to stick with nVidia here or not. (For Second-Life only)
Triple channel memory is definately recommended. DDR3 is not really that expensive. Unless you plan to be doing *heavy* video editing (which it sounds like you might), then I would get 12 GB of DDR3 ram. Otherwise, you won't even come close to using half of that at 6 GBs for normal use/gaming. Also, lower timings are better! (For example: 7-6-7-19 is better than 9-9-9-24)
Memory speed is a bit confusing for the i7s. Triple channel memory defaults to 1033mhz regardless of which speed you buy. Manufacturers put out higher rated memory, but its your responsibility to set it up in the BIOs first, otherwise it won't run that quick. 1600mhz is generally the enthusiast choice for i7 920 builds. It allows for overclockers to hit the CPU numbers they need without bottlenecking.
TomsHardware (.com) is an excellent resource for all things hardware. If you do plan to overclock, get a motherboard that can handle the additional stress and heat. ASUS P6T Deluxe and ASRock X58 Extreme are both reliable choices. The ASRock is an Asus-owned company. Its the cheapest, full feature, board you can get. It does run a 'little' hotter than most boards but that wont be an issue unless you're trying to bring a 920 over 4.5ghz on air.
As far as i7s go... I am not sure if this applies to the 940's. But for the 920's, you want to be sure to get a "d0" stepping processor. The original batch "c0" does not overclock anywhere near as well and runs a little bit hotter. A d0 should easily be able to hit 4.0 ghz on air cooling.
And this is important.. AFTERMARKET coolers! The stock CPU cooler is junk. I personally invested in a Scythe Mugen-2. It is amazing! But, installation was a little stressful. You have to physically remove the old CPU backplate and install a new one. Its not too bad once you understand the instructions.
I also feel that liquid cooling is not necessary. Its definately not a gimmick though. However, if you aren't pushing the system very hard (overclocking to ludacris numbers) then you have no need for it.
Chosen is spot on when it comes to cases. Air flow is imperative to keeping these components cool. Coolermaster makes brands such as the HAF (High Air Flow) mid and full towers that are very popular. They use large fans to move large quantities of air. Since they are big (200-230mm) they spin slow which means they are quieter. The Antec 1200 and Antec mid-towers 900 or 902 are also good choices. There's a few others, do some research. Generally, a fan on the front and side for intake. And then a fan system on the back and top for exhaust. And.. LEDs do not make your computer go faster!

But yes, do practice cable management. Most of these towers allow you to route all the wires behind a metal tray that you screw the motherboard in. So, you essentially see NO wires at all when you are done.
If you really are serious about wire-management. (As you should be) - Get the HX version of the Corsair power supplies. A big rig will need a big power supply, especially if you are running quad-SLI. (Fortunately, the new ATI cards use very little wattage!) But, if you don't want to shell out the extra cash, then the TX versions are my recommendation. They are just as good but the wires are not modular. If you have a good case, you can tuck them away under the bottom bay of the HDD cage.
The Velociraptors are awesome! But most people seem to use them as a base for their operating system and core files. They are also expensive. The Western Digital Caviars are an excellent choice. However, I'd like to recommend the Samsung Spinpoint F3 instead. Its newer technology that is only a few months old and alll benchmarks have shown it to be significantly quicker. (The 1TB uses 2x500gb platters opposed to WD 3x300gb). Do not confuse it with the F1, as that is about the same as the WD Caviar. All are good choices regardless. The other option is SSD hard disks. Though, these are very expensive.
And last minute thought. I'd recommend getting some Arctic Silver 5 thermal paste as the stock CPU paste is generally garbage. I prefer to apply it with a thin layer evenly. Though, there are various methods and I don't think there is a universal 'best' way. You can check youtube for various methods. But too much is bad!
Hope some of this information is helpful!
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Edit: I also want to point out that computer hardware prices are slowly increasing at this point in the year. The reason is due to cost of production in relation to good old supply & demand. So, research the prices of each item before purchase. A lot of people claim that its best to wait until "black friday" which may be true now. But, those prices generally match the prices from a few months ago, maybe a little cheaper. Either way, be aware and be a smart buyer!
