First LGA 1156 is EOL and an i5-550 on games that are CPU bound will be bottlenecked by that processor. I'd recommend a 4-core i5 Ivy Bridge for gaming e.g. Intel Core i5-3350P Ivy Bridge -
http://www.newegg.com/Product/Product.aspx?Item=N82E16819116782
If you want a budget MSI MOBO that supports both CF/SLI then I'd consider the MSI Z77A-G45 -
http://www.newegg.com/Product/Product.aspx?Item=N82E16813130645
What I recommended above are budget components and for a little more the following:
$220 Intel Core i5-3570K -
http://www.newegg.com/Product/Product.aspx?Item=N82E16819116504
$200 ASUS P8Z77-V PRO -
http://www.newegg.com/Product/Product.aspx?Item=N82E16813131819
You can CF the HD 5770 but that GPU series is EOL; some refurbished might be for sale. CF is pretty simple in that it combines the processing of two or more GPU's, both the MOBO and GPU must support it, and in particular the GPU must have a 'bridge' connection in most situations. There's generally not a 'doubling' of GPU (FPS) and there's some amount of 'scaling' 50%~90%+ added rendering per GPU added. Therefore, ideally it's best to have one (1) one GPU vs (2) two or more GPUs unless the requirements and the desired render surpasses that of a single GPU.
PCIe Scaling - http://www.techpowerup.com/reviews/Intel/Ivy_Bridge_PCI-Express_Scaling/
Example CF Scaling 1 -
http://www.guru3d.com/articles_pages/asus_radeon_hd_7970_crossfire_review,1.html
Example CF Scaling 2 - http://www.techpowerup.com/reviews/ASUS/HD_7970_CrossFire/
The power requirements entirely depends on the sum of all of the components, but typically a 600W PSU isn't adequate for multiple GPU's.
PSU Calculator - http://www.thermaltake.outervision.com/