i would strongly caution you about risking your entire $1000 system on a cheapo pice of crap 350watt power supply that came bundled with a $46 case, thats just asking for trouble. if you need a cheap power supply get the enlight 420 on newegg.
if you want to save a few hundred dollars get an AMD mobo & XP2800/xp3000 processor instead. also your hard disk is ata100, it will bottleneck your processor and memory on applications so you are basically wasting your money. get a SATA or ATA133 hard disk instead.