I would not use that one.
It is cheap, yes, but the 80mm cooling fan will be noisy and ineffective. Likely no better than your stock cooler.
If you have 160mm height available in your case, I suggest the $35 scythe kotetsu
Here is a review:
http://www.silentpcreview.com/article1391-page1.html
If your height available, the 145mm tall cryorig H7 is also good.
Another popular unit is the cm hyper212, but it is hard to mount and not as effective as the two above.