Here's my rig: (ok it's not 300W PSU but still under 400W)
Antec NSK 4480 case (with BasicPower 380W PSU or whatever it's called) - mind you this case is at least 5 years old
Intel Core i5-2500K (stock cooler ATM)
ASRock Z68 Pro3-M motherboard
Gigabyte Radeon HD4850 GPU
Creative X-Fi Xtreme Music
1x 120mm case fan (Antec TriCool, set on medium)
1x 80mm case fan (Arctic P80L, set by PWM at 50%)
2x Western Digital Caviar SE 160 GB SATA HDDs
Various USB devices (mouse/keyboard combo, webcam, the occasional external HDD)
I've never heard the PSU fan power up, and even in extreme conditions the air that blows out is mildly warm (I'd say below 40 degees)
I find it funny because I've wanted to switch with a Sirtec HighPower 410W PSU (review:
http://www.techpowerup.com/reviews/Sirtec/ATX-410-212/)but the combined 12V maximum wattage was only 240W, although it stated that the maximum current was 15+18 A, which should have resulted in 396W. I stuck with my old Antec and never looked back