The Mac Pro dedicates 300Watts for graphics cards. The GTX 280 requires at max 236 WAtts, Nvidia says so on their web site. The 500 watt requirement is for the whole system and the Mac Pro has a 1.2 KW power supply which more than does the job. However, if you also want to keep a 8800 GT in it which requires 107 watts at max load you will have to connect it to the molex connectors in the 2nd superive which will work fine and will Not do anything to your system. Worth a try.
300 Watt is what the Mac Pro can supply through the four PCI-Express slots.
One PCI-Express slot can electrically wire 75 Watt and the Mac Pro has four.
What this essentially means is that the Mac Pro can supply 4 x 75 Watt = 300 Watt of power through the PCI-Express slots but only 75 Watt per slot.
Then comes the power cables from the motherboard and direct power from the power supply.