A PC power supply takes power from the mains (220-240v 50 Hz in Europe) and produces DC power in various voltages for the components in the computer.
Computers use nowadays 3.3v , 5v and 12v.
A power supply that says 800w on it, is capable in theory of providing up to 800 watts on the cables going to the computer components.
The power supply can deliver an amount of current on each of those voltages, by multiplying the number of Amps (the current) with the voltage, you get the amount of watts the power supply can provide on that voltage
Voltage x Current = Watts
For example, here's a power supply label:

This is a 430w power supply but if you check the label carefully, you can see the power supply is basically 4 power supplies in one:
* 5v Sb (stand by power) 5v x 3 A = 15w
* -12v x 0.8A = 9.6w (legacy, serial ports etc)
* 12v x 32 A = 384w (cpu, video cards, motherboard, hdd motors)
* 3.3v and 5v - 110w in total, but if one is used less, the other one can provide more current
** 3.3v x 20A = 66w - but again, max 110w in total
** 5v x 20 A = 100w /
Further, you can see 110w (3.3v + 5v) + 384w (12v) is 494w , which is more than 430w.
This power supply says on the label, you can't use both 3.3v+5v AND 12v to the maximum, it can only do in total 430 watts. This is perfectly OK for the current computers, because most of the power used in today's computers is 12v (about 80% or more)
Also, it doesn't mean 430 watts of power are constantly consumed by the computer, it's an "UP TO THAT AMOUNT" value, it means that the power supply can take power from the mains and produce those voltages as long as the components connect to it don't exceed those current values.
If you plug too many things on the power supply and the components use more than 32A on 12v, the power supply is not guaranteed to be able to output 12v or will shut down.
Now keep in mind a lot of cheap power supplies actually lie on the label and advertise a high number of watts while in reality they can only do much less.
This is because most people that would buy such cheap power supplies will also have cheap computers which don't use a lot of power, usually under 200 watts, so they can make power supplies that blow up if the components want more than 300-350 watts and advertise the power supply as 500-600 watts because few customers would actually have such power hungry computers.