The graphics card wopn't be using anything like that but I expect that is what has been recommended by the manufacturer allowing for other components. Even so the PSU is a bit on the low side for what you have. It certainly wouldn't hurt to upgrade it.
Never buy a cheap and nasty power supply they can go wrong and take out all you other expensive components at the same time. Purchase a good make like Seasonic, CWT, Corsair, Thermaltake, Enermax, Gigabyte, Coolermaster, Antec, etc and try and get one with a single 12V rail if possible. I would advise you to get one of about 750W minimum depending on your hardware demands.