If you want it to last awhile buy something with an Intel i5 processor. The new generation is i3, i5 and i7. i7 is mainly for gaming computers and the price on these jumps quite a bit from the i5. I think the i5 is a good value for the price right now and will get you a few years. i3 is probably fine. Anything lower and I think you will start having issues within 2 years.
The i7 is actually going to see a price cut tomorrow. Not sure on what the exact difference would be due to it, but it may be worth looking into just in case.
I also don't see the point in getting a 1TB hard drive unless you do a LOT of media. There is simply no use for it otherwise. I have 2 hard drives. The first is ONLY for my operating system (Windows 7 64bit). It is 70 GB raptor. The second is 150 GB... and I am currently using 15GB. I game, I go to school, and I have a decent amount of programs on here. However, I do delete stuff if I no longer need it just to clean things up, so that helps.
For an example, here is the system I got at the beginning of the year. It cost my friend $1700 to put together (he builds computers), but due to things, I got it for a really good deal. This should last me quite awhile. Note, I did add a second hard drive as I discussed above.
Intel Core i7-220 Bloomfield (2.66ghz, 8 logical cores)
EVGA Corei7 Extreme motherboard
EVGA GeForce GTX 295 video card
12gb of Mushkin Enhanced DDR3 1600 ram (6 x 2gigs)
Antec Purepower Modular 850w PSU
Antec 1200 full tower case
Western Digital 74gb Raptor (10000RPM) SATAII hard drive
D-Link MiniPCI Wireless N adapter
RAZER Mamba Wireless Mouse
Edit: Another thing I thought of! CHECK THE POWER SUPPLY!!!!!! When I was computer shopping, I lost count of the number of times the power supply did not meet minimum requirements for the video card. I was SHOCKED at how bad it was. So always check to see if the power supply is correct for what else is in the system. It is very easy to google.