I would not recommend putting a GTX470 with that power supply Nvidia recommends a minimum of a 550 watt power supply. Chieftec are crap units and are not built to run high power demanding GPUs the max I would run on that unit is a 460 and even that would be pushing your unit to its max.
Your cheiftec 500 watt unit might power it up for a little bit but it would be maxing it out and I would not recommend doing that with a cheap power supply that comes bundled with a case. Doing so could result in your whole system being fried when it gives out this will end up costing you way more in the long run then if you would just upgrade the power supply first.