Are all these parts compatible?

500 Watts Xion ATX Power Supply Dual Silent Cooling Fan,

Intel® CoreTM 2 Duo E6850 CPU @ 3.00GHz, (Quad-Core FSB1333) MSI P35 Neo-F P35 Chipset LGA775 Supports Core 2 Duo CPU FSB1333 DDR2/800,

1GB (2x512MB) PC6400 DDR2/800 Dual Corsair XMS2 Xtreme Memory,

& NVIDIA GeForce 8800 GTX 768MB 16X PCI Express.

Should i get a different motherboard, or is that one going to be fine? Also, do I have a good enough power supply?

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For motherboards check this list to see what fits your price range with the features you want.

http://forums.anandtech.com/messageview.aspx?catid=29&threadid=2067695&enterthread=y

Both those PSU's are horrible, your spending 500$ on a videocard ,spend money on a quality PSU so you know you will not have problems. This link shows some basic differences in PSU quality. I would say look at a tier 2 of your choice.

http://www.xtremesystems.org/forums/showthread.php?t=108088

You want 2gb of memory. For the price id get either of these 2. Make sure they will be compatible with the MB you choose.

http://www.newegg.com/Product/Product.aspx?Item=N82E16820148069

http://www.newegg.com/Product/Product.aspx?Item=N82E16820220161

I recommend the Xclio Stablepower 500W along with A-DATA 2 x 1GB RAM.kodex1717

I'm not sure if that PSU has enough rails. And I think you need a more powerful PSU. At least a 600W PSU. The OCZ Stealthxstream 600W has 4 +12v rails. And I agree with kodex, get 2GB of RAM. You will need it. Although I have never heard of RAM bottlenecking.