I think you could get better frames if you went for a cheaper CPU E5200/7200 and motherboard (I've seen P45's for $90) and get a better card like a GTX 260 core 216 or Radeon 4870 1GB. Overclock the CPU to at east 3.0GHz and you'll be set.
Also, get a better powersupply like the Antec 500w as that PSU you listed looks to be pretty generic and cheap.
Ultra is the CompUsa/Tigerdirect brand and I dont realy trust it. From all the parts in your pc dont skimp on the PSU since to that is the most importain part for the PC's longevity/stability. Corsair, FSP, or Antec should do