the build seems pretty solid to me, but i would recommend replacing the standard AMD cpu cooler, my friend has the exact same one and it's very loud. just look for something from zalman, and make sure the cooler is compatible with an AM3 socket
The PSU is overkill, a quality 500w like shubham recommended would reduce cost and make your build more efficient. If you're not OCing the stock cooler on auto will be pretty quiet. If you decide to OC at all that won't be th case.