Unless it's a no-name crappy power supply, your 420 watts is more than enough to power the computer. I've seen similar systems run on a high-quality 300 watt PSU... The little I've seen of Raidmax shows they're occasionally (?) using Antec cases, which are high-quality. It is therefore a bit unlikely that the PSU is crap.
However, the PSU could be defective, so perhaps you could try getting a replacement somewhere...
By the way: it could be the CPU temperature instead - if the cooler isn't installed properly, the temperature goes up and up and up, until the computer shuts itself down to protect it.
Another option is the memory: try putting in one of the two dimms, see if that solves it. Or run a program called Memtest86 to check them for errors (use one dimm at a time!).
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