That would not be a bad setup. If you get the 64 bit version of Win7, you can go for more RAM. You'll like the KUMA!!

Also, IMO, getting a PSU that is 650W or more is a good investment down the road. My PSU is a 650W Corsair.
Also, I am not a big fan of on board sound. I usually get a PCI 5.1 Channel PCI sound card and disable the on board sound. Relieves usage of the CPU.