New watercooling rig

I am in the market for a custom kit that include the switfy storm which i found for 50$ MSRP and other accessories. I know nothing about water cooling or how to set it up, the only thing that has really helped me is the monthly round up of parts. But I am looking to spend around 200$ on the entire kit (150+50$ storm) so if anyone could tell me what other parts would be essential that would be great.

I have heard that 1/2in tubing is the way to go so how much will i need?

1/2" is the way!
mcmaster sells it cheap by the foot
you can get like 25ft for $14 shipped!
the part's you'll need are
rad/heatcore (2x120mm would be optimal)
GPU block if you want to cool your vid card
a pump
worm clamps (.60 or so @ homedepot each)
T line or rez (i preffer T line)

What do you want to cool? CPU, VC, and chipset? The chipset is kinda overkill for most people, but depening on your hardware (which you should list for us), and the temps you are getting you may want to WC your VC. Also what case do you have? The stickies about WC basics are very good, I would recommend reading them too.

CPU at first and later GPU. chipset wont need it i dont think but if i should i will. I if you could i need exact names and where to buy them for keeping it under 150$ after the storm.

im planning on:
DFI NF4 SLI infinity board.
opteron 170
6800 GT
antec true power 550 watt
2x1gb mushkin dual channel kit.