I have a HD 4850x2 2GB and I don't recommend you using a 550W PSU, unless it's a high quality product, with a powerful +12v rail.
I assume you have at least a Quadcore? and some HDD's, if so, you should be able to handle that with a good 650W PSU, with at least 45amps in the +12v rail (or 2 +12v rails but with more than 20-24amps in each).
also check for +80 efficiency certifications. most of the good brands have them.