What is amp's watts-per-channel exceeds speaker?

I want to buy an Outlaw Audio 950 pre/pro along with their Model 770 7-channel Amplifier. The amp puts out 200Wpc.

I have YET to buy speakers, and I have only $1,000 above the pre/amp to buy speakers. I planned on using all $1k for a decent pair of fronts, and try to use my existing 5.1 speakers (these were on a Sony receiver) to fill in the other holes in this new 7.1 system.

My proposed speaker setup:

Fronts: Not yet decided
Rears: Celestion Impact 30, 4 ohm, max 150W
2nd Surrounds: Celestion "Little 1", 8 ohm, 10-50W
Center: MB Quart Center, 6 ohm, 125W
Sub: Velodyne self powered 10"

Here's my newbie question: What happens to my existing speakers when I drive them with a 200Wpc amp? Does the amp step down automatically? From the pre/pro, can I tell them amp to step down the wattage?

Thanks, Greg
Greg: A lot of people get confused by the speaker's "maximum power level", so let's quickly put your mind at ease: using a power amp with a power rating that exceeds that of the speakers is not generally a problem. Infact, you are FAR more likely to damage your speakers by playing them too loudly with an amp that is under-powered. Having an amp with higher power actually gives you some extra "headroom", which is desirable. Amps with low power ratings are much more likely to go into audible distortion when playing the speakers at high sound pressure levels. In this situation, the amplifier's distortion causes the tweeter (and sometimes the other drivers as well) to heat up, and you can destroy the voice coils in the driver(s). All in all, you are much better off to have more amplifier power than you need, rather than too little.
I agree with the above statements. I have speakers that will handle 400 watts. I have a 200 watt amp and a 400 watt amp. The 200 watt amp blows the fuses in the speakers alot more frequently at the same volume levels, because it is clipping. More power usually means cleaner more dynamic music. Sonny
Agree with above definatly.

It is amazing how good radioshack speakers that handle 75w sound when you hook up a 200wpc amp to them.

My speakers handle 150watts and I use BelCanto Evo's in mono rated at 400watts into 8ohms and 750watts into 4ohms-the concept works perfect! I probably use about 25watts(yes just 25 no typo) max at all times so am I wasting power?-absolutly not as the amps sound the way I like them to. You will never damage your speakers until the amp starts to clip(distort) or your speakers run out of power handling. Better to have the more power unless of course you actually use that power and ruin your hearing.
All of the above is correct. However it is worth mentioning that if you keep raising the volume beyond what the speakers can support you WILL damage the speakers!
Don't worry though, you will clearly hear the speakers reaching their limits well before you can damage them.
Of course all of the above statements are correct and yes the wattage is turned down by the volume control. You won't be sending 200 watts to the speakers unless you turn it up all of the way.
i'm running 2x100 (aka 200W) bi-amped power to my CDM1-NTs. they're rated at 8ohm/120W but handle playing as loud as my tastes require (and quite a bit louder i assure you) and will do so for years, reliabily... it's just the nature of speaker companies to rate speakers in such away, because some knob would complain / sue / whatever if they put 400W thru an 80W speaker at full gain (and while clipping an mp3 at 64kbps recorded off a scratched CD using a laptop driving on a back country road, no doubt. probably the same sot who'd sue McDonalds because they spilled their coffee on the laptop).

cliff notes: don't worry, it'll work BETTER that way actually.