With current parameters, your system will just about break even with electricity. That is, not factoring at all the amortisation of the system nor the wearing out from running it overclocked full-blast 24x7. Over time, difficulty is likely to go up again and unless the prices go up, it won't even pay the electricity it consumes. I'd venture this will happen as soon as two weeks from now.
To make money from mining you'd need a well tailored system at this particular moment in time. Most single miners are very likely running at a loss right now.
HOWEVER, it's still good to mine. It adds stability to the system and that contributes to the value of the coins you may already have. I will also heat up the room when it's cold. If you're going to run an electric radiator, it's always better to mine instead.
So yes, people are printing money but the printing is costing them more money than they print. Not everybody, of course. Some are making good money, and some get to run their computers for free (somebody else is paying in these cases).
Your system wattage should be around 400-500W. Where I live that's about £20/month (~31 US$/month)
According to https://en.bitcoin.it/wiki/Mining_Hardware_Comparison
... your system will churn about 290 MH/s if you set it up properly. Your break even is somewhere among $4.5-$5 (bitcoin rate) depending on the price of electricity in your area.
- difficulty will most probably go up (try changing difficulty in the calculator and see what happens)
- you are not counting at all the cost / wear out of your hardware
See difficulty history here http://btcserv.net/bitcoin/history/