Upgrading card in preparation for VR

[akm360]

I currently use an ati Radeon HD 7950 and an intel i7 3770k on an Asus p8z77 vpro mother board and an Antec earthwatts 750w psu.
http://pcpartpicker.com/p/DG3W23
I wish to upgrade my card for the upcoming VR headsets, when I ran the oculus readiness test application, it said that my gpu and cpu were not good enough to run well.
I was planning on getting a gtx 980 but I have no idea what to do about the cpu and if the psu/motherboard can handle the new card.

1. Would my current mb/psu handle the gtx 980? If not please recommend something.
2. Is it worth investing in a Titan X rather than a 980 just for VR purposes (mainly gaming)?
3. Any advice on a processor would be welcome too.

Update: I haven't overclocked my cpu at all, the test showed that it was insufficient though, I shall try overclocking it then. Also, I live in India, so some models of the card may be harder to get, are there any specific models I should avoid? For example, cards that may not have enough usb 3 ports.

 

[Suztera]

Yes your system could handle a GTX 980.
No it's not worth the price when a GTX 980Ti performs similar at a lower price.
Your cpu is fine as it is.
You could wait for the new Nvidia gpus to come out. They will also be aimed for VR.

 

[RockyPlays]

First off, that CPU is fine and will be for a few more years. The new Nvidia cards are coming out within the next 2 months, so I would recommend waiting to see how those line up with the current cards. Also, your power supply is plenty for any single card setup and even SLI for some cards.

 

[Quixit]

I'd say your CPU is fine and a GTX 980 should work fine. I don't recommend the Titan X because it's not much faster than a GTX 980 TI and costs significantly more. If your CPU isn't overclocked you might want to consider a mild overclock, say whatever you can get with stock voltage. Most 3770K should be able to hit 4.0-4.4Ghz at stock voltage. Your PSU is more than enough for any single GPU card out there right now.

To sum it up, I'd get a GTX 980 or GTX 980 TI and that's it.