$200 System (Kinda)

A few years ago I built a system for around $1000, it is now officially dead. Motherboard problem that I do not want to mess with (again) so I just decided to rip what I can out and build a new system. However I am not wanting to spend nearly as much as I did last time.

I managed to salvage these parts:
EVGA e-GeForce 7900 GT CO
Samsung 250GB/7200 RPM/8M Sata 3gb/s HDD (Might also trade a friend my old case for a new HDD)
XION 600W PSU
CD/DVD Combo Drive (IDE I believe)

I have been looking online for the rest of the parts and this is what I've come up with:
Motherboard
CPU
RAM
Case
CPU Fan
Grease

Total: $201.55 (After shipping)

After all this I am left with a few questions:
Is everything compatible, it has been a while since my last build (which was also my first).
Is this the best I can get with $200? Recommendations?
Do I even need the thermal grease and/or fan?

Some information that might also be useful:
I don't see myself playing newer games with this system, other then maybe SC2. I do however enjoy the Gimp/photoshop and might start doing some flash animation and Blender again. OCing is an option as I would like to OC my CPU somewhat. I, however, don't have any experience in this area and don't plan on pushing it to the breaking point.

The cooler is not much better than the stock one that comes with your CPU so you can ditch the fan and grease.

This TUL board comes with free shipping and is the same price.

I don't know much about the TUL motherboards, but if I just spent so much time on a faulty motherboard that i tore the system apart i'd probably go with a decent motherboard. Gigabyte, MSI, Biostar or Asus.

TUL boards are modified Foxconn boards. TUL is also the parent company of Powercolor the GPU manufacturer.

The board should be fine but for any serious overclocking I would recommend this Gigabyte board.