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.
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.