You could just go buy a HP or Dell workstation class system and get a second monitor and you will probably be happy with that. The information below would be for a very large and expensive dedicated system that can do photo and video post processing when time is more important than money.
CPU: Go for the i7 975 if you can afford it. Two words Hyper Threading. Photoshop benefits from Hyper Threading in the i7 processor combine that with the higher speed of the 975 and you have a nice mix. The i5 does not have Hyper threading.
RAM: Get as much RAM as you can afford 8 GB is enough but if your motherboard supports get 16 or 32. Photoshop CS4 64 bit can use an unlimited amount of RAM. This means less drive caching and translates to faster performance. How big are your files? Are you going to run Lightroom, Bridge, and Photoshop at the same time? Never skimp on RAM and remember you must run a 64 bit operating system to address more than 3.5 GB of RAM.
VIDEO: Get any card that supports Shader Level 3.0/OpenGL 2.0/DX10 with at least 256MB of VRAM. I would recommend 512MB of VRAM. Also make sure the card support PCI-E x16 buss speeds. This is a motherboard consideration as well.
DRIVES AND STORAGE: In this case we want speed for the OS and Scratch disks. This dictates using RAID 0. With Raid 0 you get no redundancy and are sometimes called strip sets. A single disk failure destroys the entire array because when data is written to RAID 0 drives, the data is broken into fragments. The number of fragments is dictated by the number of disks in the array. The fragments are written to their respective disks simultaneously on the same sector. This allows smaller sections of the entire chunk of data to be read off the drive in parallel, increasing bandwidth.
That being said for the OS or C drive 2 or more drives 10,000K, 15,000K SAS, or Solid State SATA in a RAID 0. Photoshop needs a scratch disk to store working files. This should not be on the OS drive or on the drive you are storing the system swap file.
For each scratch disk you want a minimum of 1 better with 2 repeat the configuration for your OS Drive. Now for your storage drive you need to use RAID 6. With Raid 6 you can lose 2 drives without losing any data. This is an improvement over the traditional RAID 5 because RAID 6 uses a second parity bit. As far as your backup goes If you are a home user buy an external Drive USB or ESATA and connect up to backup your Pictures and database files. You may also want to think about an online backup solution or even using Windows home server to automatically backup your system on a daily basis.