Question do i have to plugin the monitor to the I guess its called a transformer?
no. this monitor does not need isolation. it has a "switch mode" power supply. (as opposed to a "regulated" power supply which does need an "isolation transformer")
my monitor has a 3 prong the old one just had 2 what do i do ?
nothing, hack it all out. transformer and all. Get yourself a power strip with a surge protection on it and wire that bugger onto the wire coming in the back of the cabinet. you'll thank yourself later when you can just plug in your computer, monitor, lights,power supply etc.
2nd I'm building a New PC with Win 7 professional. do i need to install the Ultimate PCIe Video card I have the Old version one. or should i get the latest one ? And do i need it ?
not if you don't want to,no, and no. your monitor is capable of displaying 640x480. most systems can be fudged to display down to 640x480. if you want, throw the ultimark card in there and use that. no biggie.
unless you are one of "those" people. in which case, install the card and run everything a native resolution and then ---smurfette--- when it still doesn't look right and then post complaints to mamedev that the emulation is wrong and the colors are of and the screen tears.... </rant>