venetskiiviko12 :
read the comment above (by skynetrising) for more psu information
i'm currently running a core 2 duo e6750 but i'm planning to buy a xeon x5460
As @SkyNetRising says, that's really only a 290W PSU. You'd be looking to run a ~60-70W GPU and a 120W CPU.
Given that system is from 2007, is that the era of the PSU too?
That CPU won't generally hit its TDP under a gaming load, but with fans and storage you could still be pushing towards 200W on the 12V rails, or 70% of that PSU's rated wattage for an extended period of time. On a cheap, 10 yr old PSU. That's a hell of a risk.
Ultimately you need to decide whether it's worth the risk for you. No one can really quantify the risk for you. It'll probably work for a while, but my guess is there's a pretty good chance that the PSU will fail under that load at some point in the not-so-distant future. If (when?) that happens, you might get lucky and it'll just self-destruct gracefully, but there's a fair chance that it'll take some components with it (CPU, GPU, motherboard, etc). Some very low quality PSUs are even genuine fire-risks when they die, so bear that in mind.
If you are looking at a new PSU, just make sure your build has all the standard connectors. Some OEM builds (Dell/HP, etc) have proprietary power supplies and connectors so you can't just swap a standard unit it.
Do you want some recommendations? I notice that unit is 230V only, so I'm guessing you're not in the US?