It will run, but I'm afraid not very well.
The N68 is basically an old chipset -- its an AM2 board with DDR3.
you shoudl set up wo a true AM3 board, like a 770, 785, or any 8xx board.
The AS Rock 770 is $59.99 at new egg, a decent price.
The Phenom II X2 555 is ok, and MIGHT unlock into a 955...but don't bet on it. Most of the X2s are binned down for a reason. For $10 more consider the Athlon II x4 640 or for $10 less the Athlon II X3 450. The extra cores will matter more than the L3 Cache. On sale right now, the Phenom II X3 740 is $68.99, but you need to add a fan to it. (the Coolermaster Hyper 101 is $15 up front and handles it just fine as a base model. The Hyper 212+ is $15 after rebate - $30 up front and will handle it if you unlock cores or overclock)
The 4850 was a great card 2 years ago, and its not *bad* now, but its limited to Direct X 10, It'll work, but I'd recommend a 5770 over it in a heartbeat, and a 6850 over that. alll are more expensive than the 4850 by $75-$130 though.
get 4 GB of Ram. Especially when Mushkin has 4 GB of DDR-1333 for $49.99 with a $10 MIR!
Never heard of the JNC AT. Don't trust no name PSU brands. ALWAYS get something reliable (ANtec, Sea Sonic, Cooler Master, Corsair are all reliable brands).
I personally like th Sea Sonic 520W S12II model, which is $59.99 at newegg. It'll handle ANY single card, and can handle dual GTS 450s or HD 6850s is SLI/Crossfire.
I Wanted to ask some experts in gaming how will I run : Arcania : A gothic tale ; Risen ; Crysis ; Dirt 2 with my system 
like 40-50 fps 
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