"My purpose is playing games like CS, FEAR UT and other of a similar category and also to see movies DVD ripping and doing my office work. Do I need to buy sound card and a graphic card or this will suffice to play these games."
CS will do on this config.But not "FEAR".For that you will really need a graphic card.Lot of guys here will suggest you 6600 GT
AND I AM ONE OF THEM!!!!

you dont need a sound card until you are a MUSIC freak.But it can be helfpful for you if you are ripping in AC3 and enjoying the surround sound.
CREATIVE 24 bit LIVE is a good option. 1800/-
For speakers:
Creative inspire 2.1: 1800/-
Creative inspire 5.1: 4500/- (correct me if i am wrong!!)
A new style: Creative I-Trigue 2.1: 3000/-
Just postpone UPS if you can.And Go for SATA HDD.
Best Luck!!