Well, no manford that's highly unlikely. New systems have protection against this.
Yes, giger, it is the symptom of an overwhelmed PSU, not being able to dole out enough wattage to your system. Underclocking your CPU ... actually nm it's a dell ..... -.-;
Ok, well, yes, replacing it with a more powerful PSU (I'd go for a 350-380W PSU; your current one, though solid, isn't powerful enough- i'm sure it supplies near it's max stated capacity, or it wouldn't work at all, and that it supplies enough Amperes per rail, but the watt rating isn't there. I would recommend an Antec PSU (a generic PSU would not be advisable), but it's up to you.
Also, might I ask why you require a 40GB and 60GB 7.2k RPM ATA HDD's, and an 18.2GB SCSI Atlas? While I'm sure your SCSI offered phenominal performance for it's time, isn't it outperformed by your ATA drives? Even if it's a 10K RPM version, the areal density improvements on the ATA's should more than make up for it ....
Oh, and why the hell do you have a Zip drive?
And btw, it's a good solid PSU, but it's not the best ever made... besides, I myself run my Mac on an (Apple) 150W PSU...
300MHz PPC G3 w/1MB L2@200MHz (0.22µ process; far more power consumption clock:clock than P4)
7200 RPM 40GB Seagate
5400 RPM 6GB Quantum
ATi Radeon 32MB DDR Mac Edition PCI
16x12x40 Yamaha 2100E CD-RW
1.44MB Floppy
MacOS 9.2.2
Internal 100MB Zip
ATA66/PCI card
2-USB 1.1/PCI card
RAM slots (3.3v) all full; 1x128MB PC100, 2x256MB PC100, all CL2
Onboard ATi Rage Pro Mach 64 Turbo 2MB

"Whisper" Personality card; 16-bit Audio I/O
Internal and External SCSI ports.