Unless you're using a system that otherwise consumes very little power, I doubt that there's any 500W PSU that I'd trust with an overclocked 7950. You might get away with a Corsair CX 500 V3 or similar, but even that's a long shot. I'd recommend at least going up to one of Antec's decent 520W models.
Keep in mind that even at stock, the Radeon 7950 consumes around 140W to 160W or so in power on the +12V rail(s) and you want a PSU to only be loaded up around 40% to 70% in gaming, so you'll want the PSU to have about 75% to 125% more rated power delivery than what you're components will use. Most decent desktop CPUs for gaming will consume about 50W to 120W (also +12V) at stock in gaming. Altogether, at stock, you have about 200W to 270W from the graphics and CPU alone. The rest of the system shouldn't won't pull too much (at least unless you'r doing something like running a dozen hard drives in RAID or some similarly abnormal heavy workload), probably around 30W to 50W.
Accounting for overclocking, you'd probably want at least something like an XFX ProSeries 550W or 650W, depending on the CPU as well as how far each relevant component's power consumption is increased by the overclocking.