I'm going to build a new system very soon. These are the parts I have chosen
Motherboard: P7H55D-M EVO
CPU: Intel Core i7 860 Quad Core 2.8GHz LGA1156
Video: Asus ENGT240 GeForce GT 240 1GB GDDR3 PCI-E
Audio: X-PLOSION 7.1 CINEMA
Hard Drive 1: Seagate Barracuda 1.5TB SATA II
Hard Drive 2: 1TB Seagate Barracuda 1TB
Hard Drive 3: 1TB Seagate Barracuda 1TB
Blu-Ray Drive: LG 10x Blu-ray Reader, 16x DVD-RW w/ Lightscribe, SATA, Black
RAM: Corsair 4GB Dominator PC3-12800 Dual Channel DDR3 Kit (2 x 2GB)
OS: Windows 7 Pro 32 bit
Heatsink Cooler Master Hyper 212 Plus CPU Cooler
How powerful of a power supply do I need for all of this? Would a 535W power supply be enough?
Wattage doesnt count for much, 535W is a pretty random number so i assume its not a high quality unit which means it probably isnt a good choice. Considering how much you are spending on the rest of the build you should get a good PSU that you can hang onto for 5-7 years, its the only part that wont be obsolete in 3 years so invest in a nice one.
The corsair 550VX is more powerful than you need right now but if you ever want to upgrade the GPU you can and wont have to swap out the PSU.