Hi and welcome to TIMO.

My suggestions.
1. Indeed drop the board and get this instead
Newegg.com - GIGABYTE GA-MA790GP-UD4H AM2+/AM2 AMD 790GX HDMI ATX AMD Motherboard - AMD Motherboards
You won't be disappointed. It's not that the board you picked out "isn't needed", it's the fact that the gigabyte board has much more "bang for buck" value IMO. It's really a great board.
2. While 500watts is more then enough for your system, Raidmax PSU's are junk. I really wouldn't trust that PSU in my brand new system.
Newegg.com - OCZ ModXStream Pro OCZ500MXSP 500W ATX12V V2.2 / EPS12V SLI Certified CrossFire Ready 80 PLUS Certified Modular Active PFC Power Supply compatible with core i7 - Power Supplies
That is a great PSU, with free shipping, and it's only $50 after rebate. (which don't hold your breath for, but you'll get it
eventually)
3. This is really a more personal preference thing I guess, but I really think you could do better on your case. If you like the lights and "bling" then I guess that's one thing. But the build quality of those cases usually are lacking.
Newegg.com - COOLER MASTER Centurion 5 CAC-T05-WW Black/Silver Aluminum Bezel, SECC Chassis ATX Mid Tower Computer Case - Computer Cases
This case is cheaper, has free shipping, and is actually really well made. They have a version of that same case without the side window for $50 with free shipping. But I'm guessing you like the window, so that's a good option. You can always stick colored fans/light/etc in later to get the look your going for.
4. I'd step up to this ram
Newegg.com - OCZ Fatal1ty Edition 4GB (2 x 2GB) 240-Pin DDR2 SDRAM DDR2 1066 (PC2 8500) Dual Channel Kit Desktop Memory Model OCZ2F10664GK - Desktop Memory
It's faster, and I'm guessing your probably gonna OC this system at some point, that ram will do the job nicely.
5. Step up to this HDD
Newegg.com - Western Digital Caviar SE16 WD6400AAKS 640GB 7200 RPM 16MB Cache SATA 3.0Gb/s 3.5" Internal Hard Drive - Internal Hard Drives
It's more yes, but it's larger, and way faster then the 500Gb HDD. It's worth it.
6.
DO NOT BUY VISTA!
You can download the RC of Windows 7 for free, and it's good till the retail version releases. I've been on it for months, so have many others, and the general conciseness is it's awesome. It's MUCH better then Vista, faster, looks better, less of a resource hog, just all around better. And it's
FREE!
When they release Win 7, pick that up. You'll be much happier.
That's all.
