One of the mods will probably move this over to the hardware forum, where it belongs.
The basic ingedrients for a fast and capable system are there, but there are some suggestions about your disk setup and possibly cooler.
Cooling: the Titan Fenfir has only one fan. Consider a push-pull setup with two fans or look at models from CoolerMaster, Noctua or Prolimatech.
1. For OS & programs consider a 150+ GB WD Velociraptor or a 320 GB Samsung Spinpoint F4.
2. Get at least two additional hard disks for storage.
Go to the http://forums.adobe.com/community/premiere/hardware_forum?view=discussions&start=0 and press the Overview tab at the top of the page. In the drop down box are a number of articles that can be helpful in your situation.
Check the PPBM5 Benchmark to see what makes a fast system and pay special attention to the disk setup. Your components can make this a very fast system, but it currently is severely handicapped by the disk setup.
Harm that's exactly what I needed to know.
Thank you so much for your help.
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Personal opinion here, but I have a similar system and went with an 850w power supply "just to be sure"
Go to the Power supply calculator http://educations.newegg.com/tool/psucalc/index.html?Tpk=power%20supply%20calculator
Or use this one: eXtreme Power Supply Calculator Pro v2.5
Get the Pro version, because for this meager sum it gives your the power requirements on all the rails, much better than the Newegg version. Do set CPU load to 100% and capacitor aging to to 30% and add 10 - 15% to the calculated wattage for safety.