Building a very cheap computer.

I'm building a very cheap computer (will be upgrading by my paychecks though, it's basically a personal project). And I have my stuff on PC Part Picker and I have an issue or compatibility issue it says. Something like "Some Intel H61 chipset motherboards may need a BIOS update prior to using Ivy Bridge CPUs." What would this mean?

Intel Pentium G2120, MSI Radeon HD 7770 GHz Edition, Rosewill FBM-02 - My Custom Build - Zevoxa's Saved Part List - PCPartPicker

Exactly that you would need to do a mobo bios update prior to upgrading and honestly if you want to build on the cheap then look to a AMD rig IMHO ! You'll also need to double up the ram to run in dual channel. So if you can raise you sights a little bit then you won't wind up with a dual core chip that you don't want can't sell and don't need. What is the goal of this rig?

That's mean MSI have a bios update for that H61 motherboard for it to be used with Ivy Bridge.

This one for a budget can do it! Intel Core i3-3220

Check out bare bones sales:
MSI 760GM-P23 (FX) AMD Socket AM3+ Motherboard and AMD FX-6100 3.30 GHz Six Core AM3+ Unlocked CPU and Patriot Viper Xtreme 4GB Desktop Memory Module and Patriot Viper Xtreme 4GB Desktop Memory Bundle at TigerDirect.com

I'm wanting to run games like bf3 at low with at least 1080.

Because right now, I only have $284. Please don't tell me to wait, because I've waited two months. My laptop is also giving out on me and it's the last thing I have. So I kind of need this badly.

Well and you want a new rig? How about shopping for a great used rig and catch someone looking to upgrade? I'll bet you can find a great rig in the paper or local craigslist and take advantage of their equipment depreciation ! Other wise the barebones I suggested about will be under budget and a great performer but you will need to wait for the rebate to hit your mailbox.

Do you have any components you can use for this new build?

Also, looking at your list, it looks like you are going to go over your budget as there are $70 of Mail in Rebates. That means you pay the full price up front and you may get a rebate from the factory. You said you don't want to hear it, so I won't say it........I will say this: If you buy what's on your list, you are wasting your money.