Before you even begin this long arduous process of learning everything, you've got to go and research every single aspect. For a start, you need to know all the parts you need, compatibility, things to look for, practicality and the like.
For that price you could build a decent system.
I'll guideline you:
i5 4670k or 3570k
A Z87 or Z77 motherboard, ATX size
Any decent ATX case with good airflow and size
Corsair or SeaSonic PSU - I've got the latters G650w, great uni
8GB of 1600MHz RAM, no need for any higher, but don't go any lower
GPU - GTX 670 or above, or Radeon 7970, or R9 280X, 290, or 290X
Fans will come in your case usually, if you get a case with good airflow you don't need to put in extra fans as per the general consumers usage.
Before you start thinking about buying parts, read ALL the reviews and benchmarks, read forum threads, clarify every detail until you're comfortable enough to know parts from their specs alone and how they work. There's no sense in buying something expensive with lack of knowledge to find it's not what you want.