Don't mean to hijack your thread but just the question I wondering myself. I have the same powersupply in my shopping cart and the same parts. Only difference is I have an e4500 and giving my cousin my 7900GT.
At first glance for ~$60 it doesn't look bad at all.
although OP if you are OCing and getting a 8800GT id be more inclined to get a slightly higher quality IE NeoHE or Trio (if you want to stick with antec) not because the basiq wont handle it but simply for better stability and reliability.
For your system I wouldn't pick anything under an Earthwatts 500W to feel completely safe. This is assuming of course that you pick a decent graphics card and not a cupholder such as the 8600GT, as stated above, the HD3850 is a only logical choice for a gamer in the sub $200 range.
Even if you go with the 8800GT the power draw for a system like that should be around 300W give or take. Even leaving a good margin for capacitor aging thats plenty of breathing room. Of course I don't really know what the quality is like on the Basiq PSUs. How much does it cost? We might be able to suggest a better PSU for around the same price.
I know antec PSUs well and I'm telling you, Basiqs are entry level units at best, not meant to be taxed under those kind of loads, not sure if they can even handle it due to the weak 12V combined amperage. The minimum to feel safe is an Earthwatts 500W, the bare minimum would hover around an Earthwatts 430W for the 8800GT.
Just incase you haven't noticed their Basiq series stand for "Basic" budget use, Earthwatts is being marketed as their "Green power" PSUs, however the NeoHE is as green if not greener than Earthwatts, and it stands out for having a lot more to offer in the 12V rails, as well as stability and quality components. TruePower Trios are yesteryears antec's top offerings, overthrown by the release of the Neo series and more recently the Quattros, which brings us to those, right now they are antec's top offering for insane power demanding systems like 8800GTXs on SLI with QX6850 and 4 ram modules @ 2.1v.... you know basically Antec's little nuclear reactors.
Basically if you're buying Antec units you should either buy a TP-Quattro if you are attempting to power any insane SLI/Crossfire rig (Hd2900XTs or 8800GTXs), Neo series for any gaming rig that doesn't fall in that category of power sucking beasts, and Earthwatts for any budget gamer.