Sure you can, that config will pull out slightly below 300W. You can even overclock your cpu and video card though I wouldn't risk overclocking the cpu nor the gpu too high. Maybe cpu as high as 4.2GHz and a 10% OC on the gpu
I would recommend getting 8GB of 1600MHz RAM as they are really REALLY cheap these days. Even without overclocking, I'd still recommend getting an aftermarket cpu cooler like the CM Hyper 212+ or Hyper TX3 (around $20) because Intel stock coolers are terrible in terms of noise and performance.
Other than that, if you have extra money to spend, I see no reason why not to buy an SSD. Most modern PC by now should at least have one. Maybe get like a smaller capacity 90GB for the boot drive.