Maybe. Seeing as I wouldn't pay several thousand for such a system, I can't say exactly how well an overclocked 8800GTX SLi rig would play Oblivion with custom texture packs at 2560x1600 with full AA, AF, etc. But I seriously doubt you'd get constant smooth FPS. And that counts as a game on the highest settings possible.
Anyway, the point is, it's a decent machine for a fairly acceptable price. If I had to buy either it or one of Dell or HP's "latest graphics technology!" PCs, I'd totally go for this guy's. I saw HP say "graphics demanding games" on a lame 7500LE, for example, and Dell is just as bad.