You have a very basic barebones system there. I agree with COLGeek on the psu option....notice it says Value in the title which normally deciphers to "maybe a month or more". They just aren't built very sturdy.
My recommendation: Go with a barebones (if you are intent on it) that brings you into the $700 US Dollars (in the US sorry) price range. Usually these provide good PSUs, GPUs, and decent motherboards and processors. If you can splurge in other areas it will only help you more.
Like COLGeek mentioned, get us your budget limit, uses, etc. and we can help you out more.