Yes. PSU labelled wattage only means that the PSU *CAN* provide that much. Be aware that this rating can be deceiving, since some manufacturers mostly outright lie about the wattage and true wattage can be as much as 50% lower! That's why you need to pick a quality PSU manufacturer.
So, yes, your computer will only draw the required electricity.
The reason why people recommend PSUs with more wattage than your computer needs is that, like your car, PSUs don't like being driven in "red" zones, working under high (more than 80%) loads all the time. This increases temperatures inside the PSU and shortens their lifespan.
Get a PSU with at least 30% more than maximum your PC needs. Ideally 50%. More than that is not needed, and in extreme cases (say, you need 200W and get 800W PSU) it can do more harm than good, since PSUs also don't like being loaded too low (it sounds strange, but is true).
Reputable brands, among others, are Seasonic, XFX, Antec, EVGA. Use this list for reference:
http://www.tomshardware.co.uk/forum/id-2547993/psu-tier-list.html