Can I play GTA IV?

Hi I am about to build a new pc and was wondering if it would easily play GTA IV.
I've heard that even high end computers can sometimes find it hard to play this game.
This is my system:

PCPartPicker part list: http://pcpartpicker.com/au/p/nNQs
Price breakdown by merchant: http://pcpartpicker.com/au/p/nNQs/by_merchant/
Benchmarks: http://pcpartpicker.com/au/p/nNQs/benchmarks/

CPU: Intel Core i3-3220 3.3GHz Dual-Core Processor ($122.00 @ PCCaseGear)
Motherboard: Asus P8Z77-M PRO Micro ATX LGA1155 Motherboard ($129.00 @ PCCaseGear)
Memory: G.Skill Ares Series 16GB (2 x 8GB) DDR3-1333 Memory ($75.60 @ Mwave Australia)
Storage: Western Digital Caviar Blue 500GB 3.5" 7200RPM Internal Hard Drive ($62.00 @ Scorptec)
Video Card: PowerColor Radeon HD 7850 2GB Video Card ($179.00 @ PCCaseGear)
Case: NZXT Phantom 410 (Black) ATX Mid Tower Case ($125.00 @ Scorptec)
Power Supply: Antec Neo Eco 400W 80 PLUS Certified ATX12V / EPS12V Power Supply ($62.10 @ Mwave Australia)
Optical Drive: LG GH24NS90 DVD/CD Writer ($22.00 @ PCCaseGear)
Total: $776.70
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2012-11-16 08:06 EST+1100)

Can I play it and on what settings? Monitors max res is 1920x1080
Thanks,
Benjinicky