If you use an H55 motherboard, and the i3-530 it has integrated graphics. For desktop stuff it's perfectly suitable. However, you absolutely cannot rely on it for any gaming purposes. I just built a computer for my in-laws with that setup. Runs Win 7 64bit with Aero perfectly fine on a 1080p monitor. But they only use the system for home office stuff.
Install at least 4GB of RAM and you'll be perfectly fine.