I just bought the following hardware and Windows 7 Ultimate OEM, do I install hardware or Win 7 first?

The only thing important is the M/B, its all 7 keeps track of, would get a new H/D or format the old as the OEM software is designed to run on a new system. As for hardware do whatever you want as far as the O/S goes all its going to do is search for drivers for the new stuff [download your own VGA drivers] so it don't make much diff, takes a while to up-date - ensure your PC is hooked up to the net for windows "verification" during initial install. Have fun and good luck.