First off, the OP has the right idea, and I will get to his build in a sec.
The i7 2700K at 5.0 ghz at 1.4 volts is NOT a good model to follow for recommendations for a few reasons. 1) The 2700K is simply a slightly OCed 2600K without the on board video. You can easily save a bit of cash and go for the 2600K. 2) 5ghz is NOT that attainable on SB. It is a common enough overclock to hope to reach 5ghz, but it is far from a sure bet. 3) Haswell is faster than ivy which is faster than sandy. Sandy at 5ghz might only be the same as a haswell chip running at 4.7 or lower.
I am NOT saying that haswell is the right choice, but I would not say that a sandy bridge chip is the right choice either. Ivy bridge with sufficient cooling is probably the best system to go for right now. I might change my mind once there is a new stepping of the haswell chips.
In any case, yes, the i7 3930K would be a great choice. It is indeed on the expensive side of things, but with 6 cores and 12 threads, encoding won't be an issue. I personally think it is overkill, but you do have quite a substantial budget, so maybe the overkill is not too out of place.
I would recommend the gigabyte X79 UP4 mobo http://www.newegg.co...N82E16813128562
It is a good mobo with the full 8 available dimm slots, the mobo is pretty robust at a fairly low cost, and gigabyte is always a great company in terms of customer service.
Video card: The price of the GTX 670 is starting to fall slowly but surely. If you can find two cards for SLI, then I think you will be happy.
PSU: The PSU is a tad on the overkill side (1050 watts), but it is an AWESOME deal. I just picked this up recently and I love it. 100% modular, gold rated, single 12v rail, and looks pretty darn good as well. It is 150 bucks after 30 dollar mail in rebate http://us.ncix.com/p...FX&promoid=1316
SSD: 256GB samsung 840 pro
HDD: Any capacity of seagate drive so long as it has their 1TB per platter tech in it. 1TB is ~70 bucks. I picked up a 2TB for 90 on sale.
Case: Anything you like, just be mindful for water cooling. You might want to take a loot at the switch 810 by NZXT.
Water cooling: IDK if you are talking about a full water cooling loop, or an AIO cooler. I am going to assume you are talking about a full loop. http://www.frozencpu...Kits-Page1.html
Anything from that page is a great way to start out. All of those components are pretty darn good for a low price. The only thing I would add are comes monsoon compression fittings and maybe some colored tubing.