Good Upgrade or not?

Yes you will be able to use both, one IDE and the SATA as the main OS one.

The drive looks good and should do.

 

After some problems with the secondary card holder of my dads credit card buying his 2 sons a quad each for xmas and the credit card being maxed, im going to order.
PCICASE, HyperLine II, £17.01
Antec 480W PSU, £43.35
Mobo, GigaByte GA-K8N Pro - SLI, £63.32
AMD 64 3200, £94.80
Gfx card, 6600GT, £85.57
2x512mb Kingston RAM, pc3200, £51.03
Western Digital Caviar SE 120GB 7200rpm SATA2 8MB OEM, £47.80
Ebuyer Extra Value 8cm Case Fan With Red/Green/Blue LED's, 3 of these, £2.37
And a anti static wrist band for a few quid.

A few final questions before i checkout these products and get building.
Will the HardDrive being OEM be a problem, will i be missing some cables?
Will the harddrive being SATA2 be a problem with my motherboard?
Will this PSU be ok, changed it after the one i liked was out of stock.

Are these fans cheap because there rubbish? Should i get other ones, i also read a thread about people having some fans blowing air in, others takeing air out, should i do this? If so how do i go about it?

I know that overclocking reduces the lifespan of the componets u overclock, but how long would this CPU be expected to last? What if i overclocked it, how many years would it go then, a few examples of different durability times and overclocking speeds would be nice.
How good for overclocking is this motherboard, im not to bothered about it though.

Thanks

EDIT:
When setting up this PC, i will be using the new harddrive, format, make paritions and then stick windows on it. But when i put in the harddrive that is in this pc atm, will it cause any errors because of the hardware on this atm? This harddrive also has windows on it.