Yes, your setup will work, but will not be as effective as it could be because your CPU will severely bottleneck your system resulting in a loss of FPS in many CPU intensive games. Your best course of action would be to get a faster CPU. The FX-8320 or the FX-8350 would probaly fit on your current motherboard. If you are on a budget, it would be better to get a slightly cheaper card, (like a R9 270x), and get a better CPU than to have a faster card and be bottlenecked. I know from experience that a slow CPU can limit your system quite a bit.