I see several things that I find very questionable.
Here's my thoughts...
> CPU Pentium 4 2.8GHz Hyper threading 800MHZ (retail+cooler)
Good deal, especially if your not overclocking. I would probally bump down to the 2.6c to save money and then next year after the fastest chip the board will slot comes down in price to 150$ buy that and use it...
> gigabyte GA-8IK1100
Don't know much about this board in particular, I prefer ABit or Asus (IC7-G and P4C800 Deluxe respectively) but that's just a personal preference... as long as you get a name brand i875 chipset you are probally in good shape. If you aren't overclocking I would also suggest the intel board, it's rock stable has a good feature set and is pretty nice all in all.
> 1Gb ram (2*512Mb DDR400 CL2.5 noname)
First, you want CL2 not 2.5. Second you don't want no name ram as you may not get dual ddr mode to work. Corsair, Mushkin!, Geil, Kingston are all good choices. I'd suggest Corsair TWINX1024-PC3200C2 or perhaps 2xCMX512-3200C2.
> Western Digital 80 Gb 8Mb WD800JB
I'd consider sata for future upgrade and easy reading potential... and also a slightly larger drive... say 120g or so.
Shrug, whatever. Floppy is pretty much a floppy.
> TEAC 54x24x52x bulk
My recommendation is get a good drive, it costs only marginally more if at all more... a good one is Lite-On LTR-52327 52X32X52... bout 35$.
> Nvidia FX5600 128Mb (not sure yet)
I'd suggest a Radeon 9600 or 9600 Pro or 9600 XT, nvidia is a bit on the weak side presently.
> case 350 W
Get a good powersupply with the case or expect alot of random crashes and instability. I'd suggest perhaps a Antec Lanboy (lighted, 350w antec power supply, lighted ps fans, side window etc.) Runs about 85$. If you are buying case/ps seperately I'd say go with a larger ps... perhaps a 400w or a 450w antec.
I'd suggest you start looking on pricewatch.com (or newegg they generally match pricewatch or within a dollar or so), nothing wrong with buying parts locally (especially when its cheaper) when decent brands are available, but none of those brands are very good, except samsung which I would rate as "decent" at best.
Good reason on the sata.
As far as lite on goes, hate to hear you had a bad experience, they're known as the best drives for ripping and burning on the market. I have a 48x12x48 personally and have sold a dozen or so pc's with 52x24x52... never had a single person complain and actually had several specifically request the drive (mostly warez/gamez kiddies.)
The reason I suggested that case is because it's a moderate sized case, it's cheap, and it has a GOOD powersupply as opposed to most cases that have powersupplies that totally reek. 350w is eeking by just barely really on a p4 with a couple drives and such. I only mentioned it was pretty because well... it is ~