It will "work," but two problems. First of all, that MSI motherboard appears on this list:
https://spreadsheets.google.com/spreadsheet/pub?key=0AgN1D79Joo7tdE9xMUFlMEVWeFhuckJEVF9aMmtpUFE&gid=0 as having weak VRMs and being unsuitable for overclocking. You're also missing an aftermarket cooler you would need to overclock. If you're
not interested in overclocking, then AMD isn't the way to go, because an i3 will beat it soundly in games at stock. For the cooler, I use and recommend the Xigmatek Gaia over the more often parroted but slightly inferior Hyper212 EVO:
http://www.techreaction.net/2011/07/07/review-xigmatek-gaia-sd1283/7/
http://www.techreaction.net/2011/11/27/review-cooler-master-hyper-212-plus/4/
Unlike the Hyper212 EVO (ignore the URL; it IS the EVO they tested), the Gaia never throttled, although it wasn't always the coolest depending on the fan used. Both got awards, but if you factor in the price, the Gaia wins hands down.
Sixteen GB of RAM isn't needed for games. Get 2x4GB instead, and put the money into a faster hard drive or add a 120GB or larger SSD. The WD "Green" drives do not make good system disks; they are built for power-saving, not for speed. Get a WD Black or get a SSD system drive to go with a Green data drive.
Next, when I see "Rosewill" and "500W" (rather than "450W," "530W," or "550W") it brings to mind one of their older Stallion units, which aren't that great. While some of them actually passed Jonnyguru testing, by modern standards they are horrendously inefficient. The modern Capstone units however are quite good, and even the Hive and RG units received favorable competent technical reviews. If your budget is really tight, check out the Antec VP-450. Though it lacks active PFC, its design is otherwise modern and efficient.
Edit: There are currently some great deals to be had on the HD7870, which is generally stronger that the GTX660,
except in BF3 (not sure about Crysis).
If you have the room in your total budget, take a look at the GTX760.