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I have managed to get a new build working - but under my 370w Trust PSU. It gets hot and the 12v is 11.9v:
Specs
-AMD athlon 64X2 2.6ghz w/stock cooling
-PNY 8800GT 256mb (external connector plugged in)
-ASUS M3A 770
-160GB Hard drive
-DVD+RW
-Wireless internet card

It is somehow managing to power all this... but how long will it last? I am getting a Jeantech Orchid 500w when I get the money. I'm trying to not stress it... thanks

just to add, are all ATX12V revisions compatible?

Ram cards also take power as well (not mentioned)
Plus fans, extra PCI cards and any other addons

370Watt (obviously presently working) is probably right on Minimal, but if it only shows a drop to 11.9V ion the 12V rail, then this is good anyway.

All ATX12V are compatible

There really is no question here
Yes good idea to update your PSU I suppose

I went out earlier today and bought a new 580w PSU. Thanks for the help

You're fine, the +12V rail typically has a tolerance limit of 5-10%, and your present reading is within spec. But looking at the brand, I wouldn't push that PSU too much and get a new one ASAP.

But why upgrade from a crappy PSU to another crappy one? Why not get a better quality, inexpensive PSU? I've never even heard of the OEM used by Jeantech, but looking at its prices I'm sure it's nothing worth talking about. How much are you willing to spend on a new PSU? Maybe I can suggest something.