A new ASUS SATA DVD drive is like $17, so skip the converter there and just get a new DVD drive.
Hard drives are going up in price now because the factories are flooded in Thailand so if a new HDD cannot be in your budget, you can get a convertor like this. http://www.newegg.com/Product/Product.aspx?Item=N82E168...
You will need one for each drive you want to hook up.
SATA cables are most usually included with your new motherboard.