Need some advice on a build

Ive been looking at using a spare xeon i had laying around to make a gaming rig for when friends come over. So what ive been thinking is running this

cpu- Xeon e5530

Mother board- super micro x8sti-f (spare one, a friend i of mine has, hes asking 100$, worth buying?)

Ram- 8 gigs of what ever i can find for cheap

GPU- something i can find laying around maybe a gtx 550 ti or something of that nature

PSU- got a spare 500w 80 plus, no namer i got with a rosewell case a year or so ago

case- 20$ rosewell case that has been discontinued so i dont have the model number

So is this worth building for around 300ish into it?

 

Well that is a server CPU, so it will perform adequately just not fantastic. Not so sure about using a Generic PSU either, maybe there are some good ones out there, idk, all I have ever heard though is to avoid them like the plague. I suppose if your aim is for gaming on low-medium settings then this would be okay. is $300 your budget max?

thats what id have into it. Im trying to keep it as low as possible. No real budget just dont want to break the bank as its only a back up for when i have guests who like to game.

http://pcpartpicker.com/p/2iwOo , you forgot about the HDD? Or do you have a spare one? 

 

got dozens of the them laying around that i can use.

Have you checked out Logan's new $350 build? You might be able to use your old psu and save a few bucks. 

I already own everything but the board, ram , and video card.

Just pick up the Corsair CX PSU. Its cheap and is pretty decent. Don't spend too much on Ram either, because it doesn't really effect performance in games, unless you are running and APU, which you aren't.