Yes, it will run all those games fine, but if you want to plan for the future, I would spend a little more now if you can. Newer games are coming out that are going to require more performance. A better CPU (quad core) and a better video card (5750), is what I would suggest, but those would add another $100.
I see you are on a tight budget though, so if you can't go any higher, only thing I would change with that build is to get a full size ATX board instead of the Micro ATX board.
Micro ATX is smaller and will run a little hotter because it has less space to dispense heat, but its up to you. You can spend a little more for the full size board and less heat or go with the smaller board.