I'd suggest not skimping on the PSU, the Huntkeys don't seem too bad but there is still a certain element of doubt with a cheap PSU. The system below isn't as fast at stock but will almost certainly overclock to the same sort of levels and probably further as well as offering significantly more hard drive space, Raptors are very expensive for what they actually offer.
Gigabyte GA_P35C_DS3R (Socket 775) PCI-Express DDR2 & DDR3 Motherboard £69.99
(£82.24) £69.99
(£82.24)
GeIL 2GB (2x1GB) PC6400C4 800MHz Ultra Low Latency DDR2 Dual Channel Kit (GX22GB6400UDC) £39.99
(£46.99) £79.98
(£93.98)
Tuniq Tower 120 CPU Cooler (Socket 478/754/939/940/AM2/LGA775) £27.99
(£32.89) £27.99
(£32.89)
Intel Core 2 Duo E2160 "LGA775 Conroe" 1.80GHz (800FSB) - Retail £44.99
(£52.86) £44.99
(£52.86)
Corsair VX 450W ATX PSU (CMPSU-450VXUK) £39.99
(£46.99) £39.99
(£46.99)
Seagate Barracuda 7200.10 320GB ST3320620AS SATA-II 16MB Cache - OEM £45.99
(£54.04) £91.98
(£108.08)
Arctic Silver 5 Thermal Compound (3.5g) £5.99
(£7.04) £5.99
(£7.04)
Sub Total : £360.91
Shipping cost assumes delivery to UK Mainland with:
City Link Parcel Next Day (Delivered Mon-Fri)
(This can be changed during checkout) Shipping : £9.95
VAT is being charged at 17.5% VAT : £64.90
Total : £435.76