Will this PSU be good enough if I OC my CPU?

Yes, your 500W PSU will power the setup just fine even if you OC all the way to 4ghz and beyond (if possible).

That Sapphire GPU sticks out as very weak for gaming if you planned to do any at all. Don't be tricked by the 2GB of VRAM, it is in fact DDR3, so it is too slow to be used at high resolutions. You should swap that card for a nice 7750.

I'd also recommend some higher speed RAM modules. The Phenom II makes very large gains performance wise when the North Bridge (memory controller) is overclocked. You can reasonably get 2400mhz out of it (default 2000mhz) which allows you to run your memory at 1600 mhz. That gain is well worth it. Your RAM modules can only run at 1333 mhz, which makes them very inflexible when it comes to memory clocks. See this Anandtech review for scaling with northbridge overclocks:

http://www.anandtech.com/show/3877/asrock-890fx-deluxe-...

Thanks for your reply.

I've replaced the graphic card with a Radeon HD7750 like you said, I'm planning to do some gaming on it obviously but nothing to extreme so the HD7750 should last me for atleast 2 years I guess.

Will the HD7750 still be fine with 500W though? I'm honestly so bad with figuring this stuff out and I don't know all the calculations to figure it out.  

I don't wanna mess up my new hardware by buying a too cheap PSU.

The HD7750 will absolutely run fine on that computer with that PSU. The 7750 has a TDP<50Watts and usually max load is a hair over 40 watts, very frugal.

That PSU seems okay spec-wise, but really, it is very very new, so no one knows about its reliability. If you want something more trusted (known to be reliable), get a Corsair.