Is this power supply enough?

It should be while not a top supply. The sticky on supplies includes a page for choosing the supply according to the video showing 8800GT.................................400W .........................26A http://www.computerforum.com/90110-power-recommendations-video-card.html

For ocing and later expansion you want to consider a heavier supply at some point. With the mid range ATI card here running multiple hard drive as well as two optical models I still have room with the much heavier OCZ GameXStream 700w supply way over what you will need there.

The Thermaltake Toughpowers series however is on the preferred list seen at http://www.computerforum.com/90116-psu-good-bad-list.html
 
I gave away an Antec TP 2 480w model that would easily cover your basic needs there. If you are not planning on heavily ocing and running things primarily stock you shouldn't see any big problems. If you start pounding and expanding on the build then you would look at something a little heftier to cover those needs.
 
I'm not really enthusiastic about powering an 8800 series card off a 15A rail, but it should be sufficient power. If you already have it, I'd stick with it, but I wouldn't purchase it for that system or at that price.
 
That's one reason I decided to go well over what I found myself actually needing by simply leaving the 550w model in the last case for use there. Their next model up 550w saw 16A on the 12v rail for $94.99. http://www.newegg.com/Product/Product.aspx?Item=N82E16817153059

fFor that $50-$75 price catagory seen at newegg the best seen besides a 550w Cooler Master model seeing the same 15-16A was the NZXT 550w supply with 18A for a few bucks more at http://www.newegg.com/Product/Product.aspx?Item=N82E16817116001
 
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