HTPC/Dolphin Build (Budget Build)

[demori]

I'm looking to build an 1080p playback HTPC with a smallish form factor that can smoothly run Dolphin and PCSX2 for at or under $400. I was thinking that maybe a bare-bones over-clocked i3-530 CPU build could reach this target. Is this feasible?

If not, do I have any options to achieve this goal for this price? Preferably the HTPC would not be very loud, but I am aware that one gets what one pays for.

(I have a spare HDD. Everything else is from the ground up.)



Edit:
I just saw this build in the forum sticky:

Forum Sticky Wrote:[color=#FF0000]B[/color]UDGET BUILD ~$445
Highlight of this build is the possibility to unlock 2 additional cores from the 550, giving you a $100 Quad Core PC that can overclock to 4GHz. Keep an eye out for mail in rebates! The CORSAIR RAM is known to FREQUENTLY go on sale for around $25!

Processor: AMD Phenom II X2 550 Black Edition $99
Motherboard: BIOSTAR TFORCE TA790GX 128M $109
RAM: CORSAIR TWIN2X4096-6400C5 $46
Graphics Card: Radeon 4850 (any brand) $99
Case: Cooler Master Centurion 5 Black $20
Power Supply: Thermaltake TR2 W0070RUC 430W $35

Edit2:

Most of the parts above are dead links or no longer available. What I've found totals $428. Still, not bad.
(redacted parts for space. See Edit3.)
Can anyone here attest to the noise level of this build?


Edit3:
[color=red]TL;DR. (THIS IS WHAT I WENT WITH)[/color]

[color=#FF0000]B[/color]UDGET BUILD ~$400
Highlight of this build is the possibility to unlock 2 additional cores from the 550, giving you a $100 Quad Core PC that can overclock to 4GHz. Keep an eye out for mail in rebates! The CORSAIR RAM is known to FREQUENTLY go on sale for around $25! (I WISH!)

(Frys parts)
Case: Cooler Master Elite 341 mATX Computer Case $40 ($25 after rebate)
Mobo: Gigabyte GA-MA785GMT-UD2 AMD 785G AM3 motherboard $90 ($75 after rebate)

(Newegg parts)
RAM: OCZ AMD Black Edition 4GB (2 x 2GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800) Desktop Memory $115 ($95 after rebate) Free Shipping
Processor: AMD Phenom II X2 550 Callisto Edition $88 Free Shipping
Graphics Card: SAPPHIRE 100245HDMI Radeon HD 4850 512MB 256-bit GDDR3 Video Card $105 ($80 after rebates) Free Shipping
Power Supply: Thermaltake TR2 W0070RUC 430W ATX12V V2.2 Power Supply $37 ($25 after rebate) Free Shipping

New Total: $475 ($388 after rebates) + $11 Shipping

So this is potentially a 4gHz 4GB RAM m-ATX build with a maybe overheating-prone GPU for $399. I have put in the orders, but have I missed anything?
Is there a better (equally or less expensive) graphics card? Or an easy way to compensate for the overheating? The idea for now is to compensate via ramsinks if necessary.