It may be a little overkill but with memory intensive grapics programs it can't hurt.  Or if you want to have several programs open at a time.  The SoundBlaster Live 5.1 is probably "underkill" for a multimedia use system or gaming system.  The SB Live is "old technology" as far as the SoundBlaster line.  If I was going with all the high end stuff I would also go with a high end SoundBlaster Audigy 2.

I use the SoundBlaster Live 5.1; and while it's adequate, I must agree that if you're building a multi-media system or a serious gaming system, then you should look into the Audigy 2 cards.  You could add this later on your own though.

For the graphics work you mentioned, if you'll be doing a lot of it, the RAID and 2Gb RAM is a good choice.

My only remaining question is on the monitor.  While that monitor is very good for most graphics work; that model is not considered a serious gaming monitor due to the 25ms refresh rate.  For fast moving graphics, I would recommend either a (cheaper) CRT monitor; or a (more expensive) gaming-grade FP with a 16ms refresh rate.

That said, I use a 25ms refresh FP for gaming - but I don't do a lot of it.  The slower refresh rate is noticeable, and causes some degree of blur, but not being a hard-core gamer I have no problem with it.  It just depends on how serious of a gamer you are, how much you want to spend, and what you're willing to accept.

im getting the sound blaster live 5.1 card because i want the wireless keyboard and mouse and its not compatible with the audigy 2 for some reason.  i like the 19inch.....my gaming will probly only be 25% of the computers usage.