8800 gts power supply question

Hi all, Im new to the forum and have a problem thats really doing my head in

A while ago i bought a new graphics card, A bfg 8800gts 320mb
http://peripherals.about.com/od/videographicscards/fr/b...

This is my power supply
http://www.xcase.co.uk/p/298090/winpower-700-watt-2468-...

Is that power supply enough to run that card or will i just fry it if i plugged it in?

Also on a side note my card is a 320mb but my pc is stating that its a 640
Any ideas?

Thanks in advance guys and gals

My System Specs
Amd dual core 3800+2
Alive sata2 glan mobo
Bfg 8800gts (ati 1600pro plugged in at the minute)
Winpower 700watt power supply
1 gig ddr2 667