What is the cheapest build that can run current games at high? Is there a topic that has been posted already about it? I'm really crappy at these things lol. I'm looking to spend around $700.

http://techreport.com/review/23814/tr-windows-8-system-guide/2

This is a good start.

The above link is a good start. Holiday season is coming and there are going to lot of sales on hardware. You can get much better power supply for same price. Also you can find some good deals on Radeon 7850. Recently also saw 560 Ti on sale for $100. That is beast of a card if you don't need more than one monitor.

I am sure other users will make recommendations once you have a rough list.

If you are not in a rush take your time and just look for deals. Buy everything over a months time and not at once. Don't look for specific things but have a list of parts you want and look for the best price.

In the last month I snagged:

EVGA z77 FTW mobo for 92 dollars - http://www.newegg.ca/Product/Product.aspx?Item=N82E16813188120&Tpk=evga%20z77%20ftw

Last night I purchased 2X Zotac GTX 560 ti for 99 each - http://www.newegg.ca/Product/Product.aspx?Item=N82E16814500196

All legit from legit online stores having fire sales... I really don't need either right now, but the price was too good not to buy lol

Here you can custom build your pc to go with your budget.

http://www.ibuypower.com/lobby.aspx

Depends on the games but 

http://www.newegg.com/Product/Product.aspx?Item=N82E16811192289

Case $19.99 + $7.99 Shipping

http://www.newegg.com/Product/Product.aspx?Item=N82E16819116782

CPU i5-3350P $189.99

http://www.newegg.com/Product/Product.aspx?Item=N82E16813130654

MoBo $54.99

http://www.newegg.com/Product/Product.aspx?Item=N82E16820104231

RAM 8GB $34.99

http://www.newegg.com/Product/Product.aspx?Item=N82E16822236155

HDD 500GB $69.99

GPU 

http://www.newegg.com/Product/Product.aspx?Item=N82E16814162127

GeForce GTX 650 Ti $154.99 Free Assassin’s Creed III

http://www.newegg.com/Product/Product.aspx?Item=N82E16814150515

Radeon HD 6850 $139.99

http://www.newegg.com/Product/Product.aspx?Item=N82E16827106289

Disc drive $15.99

http://www.newegg.com/Product/Product.aspx?Item=N82E16817371044

PSU $64.99 $25.00 rebate card

http://www.newegg.com/Product/Product.aspx?Item=N82E16832416550 / http://www.newegg.com/Product/Product.aspx?Item=N82E16832116986

Windows OEM (locked to one MoBo) $99

Would be something off the top of my head should run modern games great, could probably do with some tweaking I think

I'd recommend...

RAM: 2x4gb of corsair vengeance 1600 mhz (~$40)

CPU: either intel i5-2500k or intel i5-3570k (~$200/~$230)
and then give it a mild overclock (if you've never done this before it's crazy easy nowadays, you just load the bios, up the cpu multiplier from 33 to like 40-45, and then maybe up the voltage by like .05 or so. then make sure it's stable by running some benchmarking software. obviously an overclock can be as complicated as u want it to be if you want to get things just perfect, but at its core its very simple to do)

GPU: either amd radeon hd 6870 1gb which I'm currently using and is awesome (~$140-$150) or if you want to spend about 200 bucks, go for a gtx 560 ti.

MOBO: don't really have any recommendations here. But id say either get a z68 or z77 chipset board. Micro atx would probably suit you just fine and save you a little bit. so im guessing youll spend around $100 on a decent mobo

PSU: highly depends on the gpu you get. 500 watts would probably be enough but just barely...600 watts from a reliable brand would be greatd, 700 would be more than enough... for example http://www.newegg.com/Product/Product.aspx?Item=N82E16817152042

CASE: whatever you like as long as it fits your mobo... im a fan of the cooler master storm models :P especially the storm enforcer

HDD: i really like the western digital caviar black series, a 1tb caviar black would run you about $100
or maybe get a smaller caviar black and then a large caviar green for storage if 1tb isnt going to be enough for you.

Optical drive: do you really need one? pretty much everything is available on the internet as digital content nowadays. but whatever, get some random $15 drive if you want

so $40 for ram, $200ish for cpu if you get i5-2500k, $55ish for power supply, $150 for gpu if you went with a 6870, $100 for hdd, lets say $50-$130 for case depending on how awesome you want it to look, another $100 on mobo,

youd be looking to spend around $750 ish, $700 if u can find some decent combo deals on newegg. could at least bundle cpu and mobo, tons of good combos with the 2
http://www.newegg.com/Product/ProductCombos.aspx?Item=N82E16819115072&SubCategory=343&fromcs=0&bcmTag=0&SortField=0&PageSize=10&Page=1

Just for kicks I'll try putting together a build and see what it costs:

$180-$30 rebate = $150 http://www.newegg.com/Product/Product.aspx?Item=N82E16814150521

$65-15% = $55 http://www.newegg.com/Product/Product.aspx?Item=N82E16817152042

$151-$10 rebate = $141 http://www.newegg.com/Product/ComboDealDetails.aspx?ItemList=Combo.1084363

$251-$20 promo code - $10 rebate = $221 http://www.newegg.com/Product/ComboDealDetails.aspx?ItemList=Combo.1106230

$90 http://www.amazon.com/Western-Digital-Caviar-Internal-Desktop/dp/B0036Q7MV0/ref=sr_1_1?ie=UTF8&qid=1351824409&sr=8-1&keywords=1tb+caviar+black

$150+$55+$141+$221+$90 = $657, I think everything qualifies for free shipping if you sign up for that free 1 month shoprunner trial also.  So $657 + $15 if you get an optical drive and then + whatever you spend on a case

Thanks guys and yeah I'm going to be looking around for sales since its almost that time of the year.

I should preface my advice with the fact I am currently sleep deprived and did no research.
As always get second opinions and do your own research.