Thats not a quality power supply, you need to get a quality one, but before you can pick a power supply you have to decide on a motherboard and processor. These two parts while determine if you need an ATX 1.x or a ATX 2.0 spec psu. You will probly want to go with a socket 939 motherboard and processor, pci-express graphics interface (instead of agp), as these are the newer technologies and cost the same (if not sometimes cheaper).
Heres what i would recommend thats about the same price as what you picked out.
Motherboard- ABIT KN8
http://www.newegg.com/Product/Produc...82E16813127221
CPU- AMD Athlon 3000+
http://www.newegg.com/Product/Produc...82E16819103537
Case-
http://www.newegg.com/Product/Produc...82E16811213013
PSU-Xclio 450 watt
http://www.newegg.com/Product/Produc...82E16817189003
Vidoe Card- I just picked this one, it really depends on what youll be using this comp for.
http://www.newegg.com/Product/Produc...82E16814131305
RAM-
Same as you picked
HDD- Seagate Barracuda SATA 80gig
http://www.newegg.com/Product/Produc...82E16822148040
And as mentioned above. Do you need a cd drive?