Ah, youre right. In one Sticky he says:
Just to clarify, "500W", for example, means the PSU can put out, as in "DC Output", a total maximum of 500W regardless of how the load is distributed across the several voltages.
so if the pc does not require the full 120w (in my case) for 5v/3.3v it can be used as 12v power right?
The PSU would than be capable of 264w (12v1 and 12v2 at max) if it only uses 36w on 5v/3.3v