You can keep your current one, but it is recommended to get a higher wattage PSU so your system isn't overworking your PSU. 400 watts should do you good if you get that video card.
Make sure its a trusted company though like Antec or Corsair. Look on Newegg for reviews and specs and compare prices too if you need too.
If you get a higher wattage PSU? No, your computer would only draw what it needs from it. Though, just to be safe, you would not want to get a 700 watt PSU if you only need 350 watts or so. But 400 watts should do you plenty and have room to spare.
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