As for the PSU, I hear fermi needs 42A on the 12V rail. I'm no PSU expert, but I believe the 700W Stealthxtreme has 4 x 18A 12V rails, not one big single rail. Will this be a problem?
It does indeed. Speaking of the PSU choice though, unlike in a single rail design, you must add up the total current supplied over the 12v rails to the component (at least in theory). So, in the case of the StealthXtreme 700w, we get 4x18A = 72a maximum - which is a reasonable amount and should handle the card fine. Various sources recommend to add a 5-10% error margin on that, however. There is also an engineering argument on the topic of single vs. multiple rails, which is quite heated and I would like to steer clear of it, if I can.
To be on the safe side of things, I would recommend a PSU around the 750W mark with 20a on individual rails, if you want to go for the 480 model. It will just give you some breathing room down the line, given overclocks and whatnot.

See below for alternatives.
Antec TruePower New Modular 750W - has four 12v rails, 25A each.
Corsair TX 750W ATX - single 12v rail design, packing about 50A.
Edit:
Coolermaster Silent Pro Modular 700W - 700W, 12v rail is rated at 50A, quiet, modular and has higher efficiency than the Antec model. Could be worth a look, if noise and cable tidying is a concern.
Both go over the OCZ model on price, but I would not skimp out on the PSU myself. In any case, hope this helps.