Sure.
Just get one that will meet all the requirements of the newer system that you are putting together. The rated wattage and kinds/amounts of connectors required depends on the hardware you select, how many devices you are powering, the tasks you will be doing, etc etc.
Things to consider - the p2 will probably need the standard 20 pin mobo connector; the new system may require additonal pins (depending on what you decide on). You may want to find a power supply that has the 20 pin and additonal pins separate (or detachable from the 20 pins). If your new system will have sata hard drives, get a psu with those connectors as well; same goes for the Video card power connectors (if required - SLI, etc).
If you get one with all the connectors you will need later, it will save the trouble of finding adaptors, etc.