Yes it will play games now on low-medium on that resolution because most games require 2-2.4GHz C2D CPU for minimum requirements and the C2D E6700 is 2.66GHz. The 6670 is equal to the 8800GT and it is also above the avarage minimum requirement of GPU.
I do not recommend buying now a system so close to the minimun requirements of many games though. It will not last long, in one year most minimum requirements will surpass it.