A 500 watt PSU is the total peak power for all the rails combined (and then some), the 12v rail is only 408 watts (cx500 V2), that is what the video card is using as well as all your other hardware. You'd better go by what is recommended, usually I suggest 40% on top of the recommendation because how would GPU manufacturers know what else you have in the PC? Their estimates are based loosely on standard components and hardware.
If you acquire an EPS PSU, they deliver a higher 12v rail watts, Corsair are the best budget PSU and offer the EPS certification
http://www.newegg.com/Product/Product.aspx?Item=N82E16817139006
The Sapphire Vapor-X Gigagertz Edition HD 7970 offers either a 3gb edition or a 6gb edition. The 6gb vram would possibly be the one to require 750 watt PSU whereas the 3gb edition would probably be only about 550 watt PSU. I'm searching for the exact specs, I'll get back to you.
Edit - I wasn't far wrong about the 3gb edition -
http://www.sapphiretech.com/presentation/product/?cid=1&gid=3&sgid=1157&pid=1634&psn=&lid=1&leg=0#
■500 Watt Power Supply is required
Well, I was wrong about the 6gb edition -
http://www.sapphiretech.com/presentation/product/?cid=1&gid=3&sgid=1157&pid=1497&psn=&lid=1&leg=0
It also requires only a 500 watt PSU.
If you add my 40% that equals a 700 watt PSU, you'd probably be safer with it. Also depends on your ram, how many hdd's and whether you have other components as well.