The CPU is OK. It is not made for gaming, so its value is obviously questionable, it will get the job done though.
The graphics card on the other hand is just terrible for gaming.You need a card with a lot more power under the hood if you want to play modern games.
If you want to use this PC for gaming, then upgrading to a Phenom II X4 965, FX 6300 or a FX 8320 is highly reccomended.
Or it would really be best if you could stretch your budget a bit and buy a cheap LGA 1155 motherboard and an Intel Core i5.
You also need a graphics card, that is capable f playing modern games.
I suggest you go for a HD 7750 or if you can afford it, buy a GTX 650 Ti