Good choice for the RAM, 8GB for $80 is actually pretty good, even if it is valueram. For your applications, you won't need high-performance, high-speed, hot RAM anyway. The most you would need in the way of cooling them is have a fan on top of them or something, but hey, that's only optional.
For your applications, the ECS P45 board you chose is good, but you don't really
need P45, you could get a
G31,
610i, or
630i and save some money if you like. Unless you are planning on running a dual-GPU setup in the future (in which case the PSU you got would be fine assuming it's fairly low-end like 9800GT/4830). The best one there is the G31, apparently you can get your E5200 to 4GHZ easy on that thing. >.>
I think if you really want to save money you can go for an AMD build, get an
AM2+/AM3 board so that you can upgrade to a Phenom II later if you get the cash. For now, Fix an
Athlon X2 7750 AM2+ on it, or
Athlon X2 6000+, or
5600+, or
5400+, and save a bit of cash there.
I also noticed that you didn't make a reservation for a HSF in there! As always, the
Xigmatek HDT-S1283 comes to mind (for $40 you can't go wrong), or
OCZ Vendetta II (for $30 and BETTER performance than the Xigmatek, you REALLY can't go wrong).
As for the GPU, a
9800GT will serve you fine, unless you're really strapped for cash and get a
9600GT. However, AMD's roughly equivalent offerings are better than Nvidia's for less price. On the low end side competing with the 9600GT, there's the
4670, and competing with the 9800GT (and beating it frame for frame), the
4830. If you get upgrade itches, or are willing to spend just a
bit extra money, the
9800GTX+ comes to mind, and for $180 you can't go wrong. Directly competing with the 9800GTX+, (and being beat by it), the
4850 comes into play.