I can't really provide a good educated answer on your first question. Assuming there is enough power to boot up, I would imagine you would find your PC doing funny things intermittently – errors, lockups, blue screens, etc. Power draw varies depending on what the system is doing.
On power supplies: What is low priced to you? I have an Antec True Power 550w on my primary system and an Enermax 431w on my backup. Both I bought for under $100 delivered. I don’t know brands but I do know that some of the big name PSU manufacturers make generic brand versions for a few bucks less. Although – buyer beware. The PSU is the heart of your system. It can make or break a good system. Try to buy ‘inexpensive’ vice ‘cheap.’ Anyone correct me if I’m wrong but I would think you would do fine with anything over 300w.