Hardware Upgrade Needed for VR Ready Rig?

[penguwin]

I am looking to buy either an Oculus Rift or an HTC Vive.
I have run the computer tester software for both and the Oculus seems to think that I will need both a new CPU and graphics card whereas the Vive thinks I only need a new graphics card.
I am always sceptical of outrageous performance demands from games and wanted to know if I really do need an upgrade and if so what parts.

Questions:
1) Do I need an upgrade?
2) Can my CPU/Graphics card be overclocked/boosted in anyway to meet requirements?
3) If I need a new graphics card would it have to be something to the tune of a GTX 960 or could I buy an older one and run it in sli with mine to be equivalent?
4) If I did need these parts would I be bottlenecking my PC? In other words is everything else still up to scratch?
5) If I do need these parts what pqrts would you recommend getting?

Here is a current list of all the parts in my pc (built in Jan of 2013):
Intel 3rd Generation Core i5-3570K CPU
Asus Sabertooth Z77 Motherboard
Asus GeForce GTX660 TI-DC2-2GD5 Nvidea Graphics Card
G.Skill 16GB (2x8GB) Dual Channel Ares Series Memory Kit
OCZ ModXStream Pro Series Power Supply PC 600W

For those interested the rest of the parts are:
OCZ VTX4-25SAT3-125G 128GB Vertex 4 Sata III-6Gb/s 2.5inch Internal SSD
Sharkoon T9 ATX Midi Tower Case - Green
Asus DRW-24B5ST 24x Internal SATA DVD Drive
Seagate Barracuda 3.5inch 2TB 7200rpm 64MB 6GB/S Internal SATA Drive

I know this is a very long and rigorous question so THANK YOU to anyone who takes the time to answer.

 

[TechyInAZ]

First off, yeah you need a serious upgrade.

1) CPU: You have two options: 1, get a i7 3770K so you don't have to buy a new motherboard or 2. Buy a new Skylake Core i5 6600k and a new motherboard. I suggest the 2nd option since that will allow you to have full compatibility with the latest tech and not have to deal with compatibility issues.

2) GPU: Your current GPU is a no go, it's very old. You'll need to upgrade to AT LEAST dual GTX 970s or GTX 980 TI's in SLI. Another option is to wait for Pascal which is Nvidia's next generation of GPUs coming out in June. If you can wait that long, I suggest you do.

I hope this helps.