ceewi1

Nice start. I'd upgrade the graphics card to something like a 7600GT. Well worth it for the extra $19. This system isn't terribly demanding in terms of power, and something like the XClio 450BL would be more than sufficient, saving $10 towards the better graphics card. If budget really is an issue, a mobo like the ASUS A8N5X saves you $15 and leaves a better performing system overall.

Since you're replacing most of the major components, however, I'd say you'd be better off selling your existing computer and buying a new one. Since you're only looking at another $23 for the extra 512MB RAM, and either a cheap case, or a case with a decent PSU you're not paying much extra. Indeed, if you get a case like the AthenaTech A416BS ($33), which comes with a decent, but by no means superb PSU, a cheap HDD and a DVD burner, you're looking at less than $100 more for the new system vs the upgraded one, which can be more than recouped by selling your existing system.

Since your CPU isn't bad, though, you might want to consider just getting the video card and PSU. The XClio 450BL and eVGA 7600GT would only cost $208 if bought without the other components, and would give you a great gaming computer. You can save $50 more with the 7600GS, but it is a significantly inferior card.

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Cheap PSUs - 2% of system costs, responsible for 28% of system deaths