BIOS isn't something to worry about. Almost always, it will autodetect the CPU speed, as well as the drives correctly, so there is no need to mess around with it. The times I had to change something in the BIOS were always few, and almost always it was a personal preference, not a must have for the computer to run.
And don't forget, you can always ask here what does setting X in BIOS do, you'll probably have an answer soon.
Building a computer isn't hard, the biggest fear is overconfidence. (Ground myself? Why should I, I never had troubles before). As was said before, create a relaxed atmosphere, take your time, and pause whenever you have doubts. You'll do fine.

Ya, there's not much you really have to do with the BIOS. It's pretty automated. The most you should really have to worry about is setting the Boot Order (the order in which your system checks for boot capability, usually CD/DVD, then HD, then floppy).

There's a lot of options in there for power users, but the basic setup is relatively simple.

I really don't think you need to stress yourself so much, especially since you probably know the essential stuff like the correct feeling for a stick of RAM getting fully inserted, the various SATA and power cables going into your drives, etc. I'm guessing that the majority of computer builders nowadays come from exactly the same situation as you, and me -- we first try some little upgrades over the years like RAM and hard drives, optical drives, whatnot, and one day decide to take the gamble and try building a whole system -- and succeed beautifully with just a few hours of tinkering. Hell, even if you end up losing one or two parts, learning what you did wrong and replacing the part yourself will be way cheaper than getting ripped off by bad sellers the rest of your life, right?

OK, thanks a lot everyone. Hope I got a +1 for all. I think you guys have me talked back into it. THANK YOU.

Still nervous, but feel better after reading all of this. Gonna give it a go tomorrow I think, without the six-pack though lol.

Just take it slow and one step at a time. Fit the power supply into the case. Fit the motherboard into the case. Put in the CPU. Apply thermal past, then attach the heatsink/fan (this can be a bitch depending on what attachment mechanism it uses- just keep calm and take it slow). Then RAM, GPU, any other cards, HDDs and optical drives, and finally connect power cables, fans, and drives to the mobo. Double check everything. Triple check everything. If you're feeling paranoid triple check one more time. Then plug it in and fire it up. Oh, and make sure you put in the insert for the motherboard ports into the case before fitting in the motherboard (I forgot to do that on my last build and had to disassemble and reassemble much of it to get it in- whoever designed that thing to snap in from the inside rather than the outside needs to have it shoved up his ass).

Any concerns about setting up the BIOS (if it's even necessary) should wait until after this whole process and making sure the thing starts up and POSTs properly. Finally, make sure you're either using a static strap or grounding yourself regularly while you're putting the system together- don't want a bit of errant static frying an expensive component. And again, just take things slow, and one step at a time. As a whole there's a fair amount to it, but one step at a time it's actually pretty simple.

And decide beforehand on your victory cry for when it all works. I'm personally partial to "IT'S ALIIIIVE!"

Regarding point 2, while working as a computer technician long ago (386-486-first pentiums), always "pre-builded" the essential components out of the box (often I had to builds 3-4 computers at once and saved a lot of time in case of problems).

Now, since it's your first time and knowing that you probably will take all the time and precautions necessary, I advise you to build components inside the box.

And of course check each internal connection a second-third time before turning it on. It's a great advice.

The feeling of satisfaction you get when you have running it can not be compared with anything

Well, with some other things maybe yes ;)

Fixed that, the subsequent times is mostly something you know you'll get right ;)

If you do it continuously, it becomes a matter of routine. But if it happens very infrequently, you always have that combination of insecurity and excitement about the results of your performance.

Hmm, wait a minute, we're talking about the same? ; D

Well, this project got put on hold due to a personal situation the last couple of days, but I think I will get to do this, or at least attempt this, this weekend.

I won't leave you guys hanging. I will let you know how it turns out. Whether it's a grand success or a colossal failure, I'll let you know. Least I can do after all the help and encouraging words in this thread.

THANK YOU ALL AGAIN.

Again, I THINK (though not 100% sure) that I will get a chance over the weekend to do this.

Don't think of it as a "failure" if things go wrong. Think of it as a learning experience for what not-to-do the next time. :)

Hmm, I think I'll be in your shoes in the future, because my next PC, I want to build it myself with custom parts. The only thing is, I have no patience, so if I don't have someone telling me exactly what to do or can't figure it out, I'll just call a technician and we'll build it together.

Good luck dude, and post a picture of your machine once you're done. ;-)

I'd suggest checking the Motherboard's manual to be sure, but I think you could use up to 6 devices (with the Sata II for the optical drives I'd say). Windows should be able to pick up all the devices, as should linux and probably Mac as well.
As to why use so many drives, you use 2 in raid 1 for the system, with raid 1 meaning that the drives are cloned, so even if one fails, the other can still work, with 3 more drives (or 4) as raid 5, meaning that even if one fails, you can still reclaim your data. You do lose 1 drive's capacity for the redundancy, and it's not something you should worry about it right now, but there are people who use all their sata connectors, and need a few more as well ;)

Should you need anything else, do post here, we'll be cheering for you.

Yeah, I checked the manual, and it's not as crystal clear as YES YOU CAN PUT 5 HARD DRIVES in there, but I does read like that in fact is the case. I just wanted to make sure though. THANK YOU.

I think I'm gonna take advantage of that deal on Newegg today then. I got a Blue Ray reader only for my system, and that was $65 (after a promo code was used) and it's an LG that others have told me they had good luck with.

There's a promo code for today only at newegg for a Blue Ray Reader/Writer for $60!! It's a Lite-on, and I've heard mixed reviews on Lite-on, but I've got a Lite-on DVD drive/burner that's worked GREAT for me. And for $60, I'm gonna give it a go.

So, guess I have to wait for another part now. lol. That's ok. I'm NOT rushing this. I want to do it RIGHT, not fast. I just hope I actually can do it right. lol
Believe it or not, I do not own a camera at the moment. My laptop had a built in web cam that I used to pick up and "point" toward something before whenever I wanted to take a pic, but that laptop is now officially KIA. (Hard drive I think). And I had to ship my new one back because it wasn't right either. And no, I don't own a cell phone. AT ALL. Never had. Likely never will. So, no camera unless I get my new laptop back soon.

If I do get hold of a camera though I will take a pic, even if it's a pic to show others how NOT to do it since I screwed it up lol. My son, nephews, and niece of course all have cell phones (with cameras) so if one of them stops by I'll grab their phone for a minute. Assuming of course I actually get this built. lol

Oh, also, Newegg has a 3 part video series up that I found very helpful. I think there are better ones out there too, so I think there is help out there if you need it. I watched all 3 before ever starting. And I've watched the second one twice. And the third one once plus (there's a thing in there I'm still VERY CONFUSED ON regarding setting up Windows the first time, guessing when I get to that point I'll be posting here again because I've watched that part like 5 times and I still don't understand exactly what he's saying).

Anyway, start with the Newegg videos, then pick a couple more, and you'll feel better about it. I know I did.

I'd say that depends more on your power supply and whether or not you've got enough space in the case. If the motherboard has the SATA ports then it must be able to support them.