a few hours including installing windows. windows takes most of the time and it IS automated for the most part. for a basic set up, it is nothing more than opning an empty case insterting the stands, putting the motherboards in with the faceplate and using the screws to screw it in firmly(don't put any real stress on it though)and then insertting the cards, ram, and processor, all of which if done effectively should be less than a minute a peice. now modding it or swapping out fans on cards is a diferent story, but even that isn't too bad.. one thing to look out for is to not get a static shock, always touch someting that is grounded and idealy have a grounding strap on... I fried my motherboard a day before that store waranty ran out(which was crudy since I had the computer running and was messing around in PS just minutes before) for the most part building is just an application of common sense and a little prerequisite knowlege.
the most important parts for gaming is a GOOD graphics card, (which is hard if u dont want to spend much money), and Memory. you need at least 1 gig. i have 512 and its just to few. now it is ok but when all next gen games are out (this christmas) you're gonna need 1 gig at least.