Wattage isn't even that important for a PSU. You need enough of it, obviously (~500W is good for mainstream setup), but a 'bad' one won't deliver it where it is needed. It's more likely to damage the rest of the system when it goes as well (and might go sooner), since protection circuitry is the first thing they save cost on.
You'll want to know how many Amps it delivers on 12V rail(s), and preferably the brand+model number. PSUs get reviewed all the time: if you know what's in there, you can figure out if it's any good.
When it comes to pre-build systems that aren't specifically targeted at gaming, there are 2 things pretty much gauranteed: The PSU is crap, even by non-gaming standards, and the graphics card is a joke.
4GB RAM is plenty. There's a difference between 32-bit and 64-bit systems in that 64-bit can use more memory for applications (32-bit is limited to 2GB). However, the application (a game, for example) needs to be 64-bit as well. The number of games that have a 64-bit executable is extremely low, only ones I can think of off the top of my head are DCS A-10C and Crysis. So; the vast majority of games can never use more then 2GB. Anyone telling you you need more than 4GB total for gaming doesn't know what they are on about.
Asus and Gigabyte make excellent boards. Think MSI generally does very well for overclocking. Asrock is decent, but it is/was a budget brand; not ideal for gaming.
$800 for a decent gaming rig sounds about right, little on the cheap side actually.
Of course, it all depends on what you're planning on playing on it. If you plan on just running SH4 for the next few years you don't need an expensive PC.
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