Hi everyone,

Please provide me with some assistance in what you think of this simple PC setup, need help confirming if my PC will be powerful enough to use the Ableton suite in conjuction with a single midi controller with a heap of VST instruments and effects to start making music?

Also need help on choosing the best from the list of VSTs below? Need to limit the money spent, the whole set up is on a small budget, thanks heaps!!!

PC (Desktop)

ASUS P5QL-EM Motherboard
Maxtor 500G External Drive
4GB DDR2 RAM
Coolermaster or Noctua KIT (CPU Cooling Accessory)
Cordless Keyboard & Mouse (Logitech)
4 Port USB 2.0 HUB
M-Audio 2496 Audiophile Soundcard
Winfast 256MB Videocard

Not too sure which Intel chip to use, how important is this? I have a standard P4 (Dual Core) chip at the moment, can I use current or should I get something more powerful?
Same thing with my current power supply, how important is this? Can I use my current or should I get something more powerful also?

Software

Operating System:
MS Windows XP Pro

Production Suite:
Ableton V7

VST Options:

Synthesizer & Bass:

Synapse Audio Hydra (Junglist)
Albino
NI FM7 / FM8
NI Pro 53
GMedia Minimonsta
Zebra II
TC Electronic Native Bundle
Korg Legacy Collection
Optium FX Basslane
Audiorealsim Bassline II

Drums:

NI Battery
Fxpansion Guru
Fxpansion DR008
Fxpansion BFD2
Ableton's Operator
Redshift Drumular
Izotope iDRUM

Effects:

TC Electronic Megaverb & Mastering
Arts Acoustic Reverb
Sonalkis Stereo Compressor & Filter
URS EQ & Compressors
Antares Filter & TUBE
Timeworks Reverb
Kjaerhus Filter
Fabfilter
Minion Filter
PSP Nitro

Other VST Options:

Spectrasonics Trilogy
AMB Electrabass
Steinberg Virtual Bassist

Hardware

MIDI Controller Options:

Waveidea Bitstream 3X
Novation Remote SL
Behringer BCF2000
M-Audio UC33E
M-Audio 02

Monitor Options:

Alesis M1
M-Audio Studiophile
Samson A5
Wharfedale Studio