That motherboard doesn't officially support the AMD FX8320 but it might work. Overclocking isn't recommended on that motherboard though.
I run my FX8320 on a Gigabyte GA-990XA-UD3 and my CPU is overclocked to 4Ghz. I can overclock much higher but find i really don't need the extra speed for anything. maybe in the future i might overclock higher.
I also use a Raijintek EreBoss High Performance CPU Cooler which is very good and a very reasonable price. It is huge though with a 14cm fan so the case needs to be able to fit it.
Games are only just now starting to use 8 cores of a CPU so it should last for gaming for quite some time. I can only think of Battlefield 4 and Crysis 3 that use 8 cores properly.
Coming from a Pentium 4 to a Fx8320 will be a huge upgrade. you might also want to consider the AMD 270x for a graphics card depending on if you want Mantle support or the Nvidia features like Physx