The Y500 has a GT 750m which is more powerful than the GT 740m, but unfortunately you are not going to be able to run the game with high graphic settings. To the best of my knowledge, the Y500 comes standard with a 1920x1080 resolution screen. You would likely need to play the game at 1366x768 to even have a chance to play with high graphics settings. As stated, Crysis 3 is currently the most demanding gaming on the market. Even a $2,000 USD PC will struggle to play it with high (max) graphic settings at 1920x1080 resolution.
The following chart should help you understand. The GT 750m would more or less be equivalent to the GT 660m. The GT 660m is only capable of getting 26 FPS when the resolution is 1366x768, graphics are set to "high" and with 16xFA (maximum Anisotropic Filtering), and FXAA (maximum Anti-Aliasing). Lowering FA and AA will help increase frame rates. The source is from the following site and it is in German so you will need to translate it with Google if you want to read it.
http://www.notebookcheck.com/Benchmarkcheck-Crysis-3.88758.0.html
The Y500 is a popular laptop given it's price/performance ratio. I would look for a model with only 8GB because 16GB is excessive. You won't need that much unless you are using programs that requires a lot of RAM like PhotoShop or very large databases. The most RAM I've seen a game use is around 1.5GB to 1.7GB.