Gaming PC Build HELP!

It is compatible. The motherboard uses PCI-Express x16 which is the same slot used in all modern graphics cards.

The other components are compatible.

I would also recommend a 750w PSU if it is cheaper because 750w should be more than enough.

Thanks. can you suggest an Optical drive, an SSD and all the other things needed for a new computer build? And Someone told me that Thermal Paste would not be needed when building a new PC, Is that true? And also, I think I would be going for the i7 3770K, but I haven't decided yet, can you point out the differences between the two? I will buy it accord to how much money I have left (   ) but it is surely possible if I go in for a 750 W PSU and it is more than enough and it will save me some 50 $. Thanks again.  

For the game PC, you don't need the i7 because you just wast your money, and they will have the same performance. Look at the rview http://www.tomshardware.com/reviews/fx-8350-vishera-rev...

When you use the i5-3570K for the pc, you need the cup cooler ( at least 120mm) and the Thermal Paste. if you use the stock cooler then it is ture the cooler comes with the paste. But that can't cool your i5 at all. And if you use the aftermarket cooler you may or may not need to install the RAM into the 2nd/4th slot because the RAM maybe block the cooler.

You can buy any Optical drive, but for SSD you need buy at least 120GB Consumer type SSD and good brand like Crucial M4, Intel, Kingston HyperX 3K, Plextor, Samsung, and some of the OCZ.

I7-3770K Hyper-Threading Support, 8MB L3 Cache, 3.5GHz (3.9GHz Turbo)
I5-3570K no Hyper-Threading Support, 6MB L3 Cache, 3.4GHz (3.8GHz Turbo)

Thermal Compound http://www.newegg.com/Product/Product.aspx?Item=N82E168...

I chose the i5 3570K as it is enough for my needs and I will not need that Hyper-Threading Feature as I post a video on my You Tube channel once in 4 months   .
Can you specify whether I will need the Thermal Paste or not? You said that the stock cooler comes with the Thermal Paste. Can I use that Paste then? I will be OC-ing a lot and I would either go in for a Cooler Master Hyper 212 EVO or the Cooler Master 412 Slim Cooler, or for the Corsair H100 Liquid Cooling. After a tragic event by which I lost my old PC; I heard of Liquid Cooling guess what I did   ! So I am afraid of Liquid Cooling ever since. Also, will that extra 60$ go wasted if I buy a Blu-Ray Drive?