Just because your friend has been lucky so far is no guarantee that his luck will hold. I strongly advise even trying with a smaller PSU.
Using the free power calculator listed above is an excelent recommendation, and I would suggest paying a few dollars more to use the Pro model that provides the requirements for the 3.3v, 5v and 12v legs in addition to the total wattage provide by the lite version.
PSUs are one place you DON'T want to go cheap. Remember all the components in your system are dependent on it. Moreover, it goes beyond power as we normally think of it for equipment. In a PC, the power, broken down into very fine, minute amounts, is the lifeblood and neurons of the system, carrying millions of bits of data and driving hundreds of thousands of almost simultaneous calculations. You need good, clean power to make it all work. And a PSU that delivers it constantly, hour after hour, day after day, .... year after year. Billions and billions of calculations dependent on clean power. And a bad power supply can fry other components.
Here is a review of an HD 4870x2 video card by JonnyGuru, one of the most respected names in power supplies. The test system used 437w at peak loads and based on that he recommended a PSU of at least 600w.
http://www.guru3d.com/article/radeon-hd-4870-x2-review-crossfire/6
For more general information about power supplies for video cards, see the middle of this web page:
http://www.upgradevideocards.com/criteria.html
However, on the bright side, here is an excellent 620w Antec High Current Gamer series PSU for only $50 after rebate:
http://www.newegg.com/Product/Product.aspx?Item=N82E16817371048