Planning on getting a new graphics card

Hi, I'm new to the forums here; and I have a graphics card(Radeon x700) that's breaking down on me(fan partially broken, hardly spins and makes a loud whirring sound). Whenever I try to use 3d taxing programs, it seems to shut down and leave my monitor blank.

So I was thinking of getting a new card:
http://www.newegg.com/Product/Product.aspx?Item=14-125-...

I have a fairly old computer(from 2007 or so); with a 350 Watt max DC output PSU, a Sempron 3500+ CPU, 4*256mb DDR3 memory sticks, a decent sound card, all connected to a fair sized motherboard with an ATI ixp 400 chip.

So do you think the video card will work with my computer? I measured the graphics card slot, and it should be able to fit in(just barely).