It should but you're going to need to tinker with the details in-game and see what works best for you both in the visual and game-play department while also making sure your system isn't overtaxed.
Since GTA V is VERY CPU INTENSIVE you would see a massive bottleneck which it means that you will suffer in some frame dips and stutter.
Your GPU is very good at this time but you CPU is crap.
with this setup you will see at high settings at somewhere at 23-40FPS. I would higly recommend to upgrade that CPU to FX series or Phenoms with 4 cores.