First Ever Build
I know the parts are outdated. But Theoretically would it work?
Right there are a couple things that are off with the build you are asking for. Firstly the processor won't work with that mother boards since they use a different socket. The CPU is a few generations old and the Motherboard is the latest generation. Since this is a z97 motherboard you should be looking at Haswell and Haswell Refresh processors. 16gb of RAM will only be useful if you plan on editing or doing several demanding tasks while gaming which is why I would suggest buying an 8gb kit instead unless you plan on editing with the system. It will save you money and you will be able to put it somewhere else. Unless you have a very good reason why you would want Windows 7 over 8/8.1 then you should get 8.1 instead since it will be better for the future. Also the storage, I would advise that you get a 250gb SSD for your OS and software and have a HDD for your games.
Not giving a budget isn't very helpful when someone wants to tell you what to get so I followed the build you have and it would be somewhere in the $1400-1500 range. Here is what I would suggest you get for that money:
PCPartPicker part list / Price breakdown by merchant
CPU: Intel Core i5-4690K 3.5GHz Quad-Core Processor ($234.99 @ Newegg Canada)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($29.99 @ NCIX)
Motherboard: MSI Z97-GAMING 5 ATX LGA1150 Motherboard ($168.98 @ Newegg Canada)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1866 Memory ($78.98 @ DirectCanada)
Storage: Samsung 840 EVO 250GB 2.5" Solid State Drive ($129.89 @ DirectCanada)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($49.99 @ DirectCanada)
Video Card: Asus GeForce GTX 970 4GB STRIX Video Card ($409.99 @ NCIX)
Case: NZXT H440 (Black/Red) ATX Mid Tower Case ($109.99 @ NCIX)
Power Supply: EVGA SuperNOVA NEX 650W 80+ Gold Certified Fully-Modular ATX Power Supply ($64.99 @ NCIX)
Operating System: Microsoft Windows 8.1 (32/64-bit) ($113.42 @ DirectCanada)
Total: $1391.21
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-12-26 09:02 EST-0500
This system will be a much better choice both aesthetic wise (subjective to my personal preference) as well as price wise. I have picked trusted and solid parts as well as applied all of the things that I have mentioned above. I made sure you will have to buy parts from as few retailers as possible so I kept it down to NCIX, Newegg and Tiger Direct.
P.S Just in case you didn't know of PCPartPicker then that is what I have used to make the part's list. The website allows you to match up all of the components and has a compatibility filter so you will know which parts are compatible since it will filter out all of the ones that aren't as you keep adding parts. Also to export the list for the forum you have to click the "Export / Markup" button in the top right corner of the website, then select BBCode in the "Format:" section then copy all of the code and paste it when you are making a comment. To see the links while still writing the post click this button:
in the post editor twice and it should appear formatted just like the one I have pasted above.

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