A gaming computer really needs a decent GPU. If you play games that are a couple years old, the $100-$150 GPU will work OK. If you want the latest and greatest with good frame rates, then you'll need to spend more on the GPU and cut costs elsewhere. If, by "gaming" you mean solitaire and minefield, then that's another story.
Many apps use around 300MB per app. Some more, some less. and I7 with 4 cores hyperthreaded = 8 apps at once times 300MB each = 2.4GB just for BOINC. Add another 1.5GB for Windows, 1-2 GB for disk cache, and you are up to 6GB already. My personal rule of thumb is 1GB per core and 2GB if enabling hyperthreading (e.g. 2GB per core or 1GB per thread). You can get by with less, but you won't be able to run all BOINC projects. Some projects use over 2GB ram per instance of the application. If you can only afford 4GB now, then I would disable hyperthreading in the BIOS.
As far as the "I'll get some now and upgrade the RAM later" theory goes.... I can't count the number of machines where I've done that and later then when I want it, I dont' want to spend the money because of a) the sytem being a couple years old and b) the cost of the memory having gone up due to the older memory being in less demand and also a smaller supply of it available.
FYI, if you have a USB thumb drive, Windows 7 (and maybe Vista?) allows you you can use that for the pagefile instead of the hard drive which should improve performance unless you have one of the early USB 1.0 versions which I think were slower than floppy drives.