A $15 'kill-a-watt' meter will tell you that at the wall you are no where near to 500W at the wall. If you post your system config we can add up the max wattage and confirm that.
A bad/failing PSU can behave exactly the way you describe. "..shutting off and restarting while playing certain games...", so can software problems with the driver stack and problem with the video card and memory problems. Do you see any events recorded in windows event log ?
Do this:
http://pcsupport.about.com/od/windows7/ht/automatic-restart-windows-7.htm Disable the Automatic Restart on System Failure
Video card makers WAY OVERCONFIGURE their power supply requirements because there are so many BAD PSUs out there that claim 450W and deliver 250W stable, 300W dirty and nothing above that. As said by many people already, any reasonable (not even great, just reasonable) 500W PSU will power a 550W recommended video card no problem.
Cross check, the max power your video card can get is 75W from the MB pcie slot, and another 75 for each 6-pin connector and another 150 for each 8-pin connector. Add them up. Bet you are at 150or 225W max for the video card. Then add another 150 for CPU + MB and thats your max power. (Some overclocked AMD cpus will draw more).
Debugging: Turn off all overclocks for CPU. Then turn off overclock if any for video card. Are you now stable? Yes- OC is too high. No- next step is to Underclock the video card by 20%. Stable - yes then it's likely video card or PSU. Not stable, run memory tests and consider software problems. Say what you are doing and what happens if you start debugging to get better next steps.
Please post your PSU maker (or say OEM for Dell, etc)
Video card(s) and CPU
and anything else that might draw a lot of power during gaming (unlikley, but if you were also powering up a spinning disk raid array when it failed that would be good to know).