@Saad Ibrahim Lolz.. you're right though
@Poton12 I've answered your question in detail below. I think your PSU is fine, it's your board. Enjoy the 2.4 Ghz !
@Scrinner. Quad's are generally better at encoding and number crunching rather than games. There are very few games out there today that utilize all four cores, Supreme Commander for example, but 95 % of the games at most use two. You'll be surprised to know that a Rs. 12,000 Core 2 Duo can outperform a Rs. 24,000 Core 2 Quad in games by as much as 8 -10 %. The reason is those cores are running more efficient and at higher clocks. I recently put my Q6600 to the test vs the E5200 which is less than half the price of the quad and the results were almost the same. I'll post them tomorrow.
To answer in the order you asked.
As far as the memory timings are concerned I would not worry too much about them right now, you can get back to them later, they only make 1-2 % performance difference at the most and won't make a difference going from 2.5 to 2.8 ghz. If you have have trouble booting however (unlikely) then set them to Auto otherwise they are fine. Another interesting fact is that DDR2 running at 4-4-4-12 @ 1000 mhz will outperform DDR3 running at 9-9-9-24 @ 1333 mhz.
About the GPU and PSU you linked. If you've already ordered them then they are good enough. If you're haven't yet or are planning to order then I would suggest you replace the 8800 GT with the 4850 if you're price conscious and if you're not then get the 4870. ATI wins this round hands down with the 4800 series. Will post some benches with of them too. As far as power supply I would take the Corsair HW520W modular (Rs. 8,000) or even Cooler Master 460/500 W (Rs. 3500) over the one you picked.
Since everyone's asking about Power supplies, I'll talk about them a little in detail.
The PSU that you're looking at is fine although you don't really need a 500 W. Don't worry about the sites that calculate wattage requirements, they're mostly funded by PSU manufacturers to make people want to buy higher wattage psu's. A system like yours with one graphic card and two hard drives would need at the max 400 W that too if you run everything at the same time, but in the real world who burns two dvd's together while at the same time playing a GPU intensive game as well running prime95 in the background ?? Most people don't need anything more than 350 W to max 400 W even with running a higher end graphic card.
Stock power supplies that usually come with your case are generally crap, best to have them changed when you're buying your case. They get adjusted for about 1/3 the price of the casing. If you're running a high end graphic card or plan to do some heavy over clocking then you *need* a branded psu not bulk or Chinese ones. It's not really about the Wattage it's about the quality of power coming in, clean power/no spikes etc. I was running at 7800 GT, a Q6600 over clocked to 3.2 Ghz, 2 GB ram, two Dvd writers, one 150gb raptor, one other HD on a bulk(Chinese/desi) 400 W Psu. It was running fine ! I was unable to push over 3.2 Ghz could not get more than 5 hours Prime95 stable, so I thought maybe it's my power supply. I replaced it with a Corsair HW 620W. I really like the new psu but it turns out I really don't need all that power, the old 400 bulk was enough, it was Q6600 that could not push over 3.2 with air cooling.
There are more factors like peak efficiency and all but I won't complicate this more. The point is buy over 450 W ONLY if you plan to SLI / Crossfire or have more 3+ hard drives and 3 + dvd drives and/or plan to over clock your system on liquid cooling or something