Thats a pretty good low end build, it should all work just fine.
A few changes you could make is get a
Corsair VX450W because Corsair has some of the best PSUs, but thats up to you the one you have now is good. As for the hard drive, I would get a
Western Digital WD5001AALS Caviar Black instead of the Green since the Blacks are faster and I believe they have a longer warranty. Also, I wouldn't go for less than 4GB of memory this
OCZ Gold Edition 4GB would work.