Motherboard - Looks good, though you might want to consider an ATX architecture. Can't find where it states the Video interface (AGP or PCI-E), though being a s939 it is probably PCI-E. I try not to assume anything when it comes to spending money.
CPU - How about a x2 Dual Core, prices just dropped.
RAM - If you go with 2 x 512MB you will have 1GB in dual channel mode = faster.
Graphics - Decent for the price, though mem clock speed is on the low side for PCI-E.
[SIZE=\"1\"]E6400 @ 3.4 , Noctua 120
7900GT @ 670/1680 , VF900
2 x 1GB Patriot 6400 @ 425
WD SATA 250GB
Neo HE 550
P180 / G15 / MX1000[/SIZE]