Thanks for the reply's. From what I see so far a new PSU is the way to go. What I can get at the moment is a Silverstone Decathlon DA650 650W ATX 12V Modular Power Supply. Im sure this will be enough. As for the hard drive I'll keep it as is for now until I save up enough.
Now I was thinking about doing a mild overclock when I get the new PSU maybe up to 3ghz, can someone tell me if my RAM is up for it?
Anyone have any experience overclocking with an Asus P5k SE ?