That card should work. Your CPU is a little week but since you said that you're planning to upgrade that soon anyway, you should be good to go. Don't expect to get the same performance out of it as you would with the newer CPU and MOBO. BTW your RAM is a little slow as well so you will need to upgrade that when you get the new CPU and MOBO.
I think that you need a complete system revamp, your processor is just too slow for today's games and it will definitely bottleneck the GTX 670, which is an absolutely amazing card. Also, you will probably need to upgrade the Power Supply as well.
On top of the other concerns (that CPU is going to hold back the GPU (bottleneck)), what PSU do you have?
Being the computer illiterate idiot i am, i couldn't tell you. Though if you could suggest a system revamp, go for it. This coming Friday ill get around $600. so if you could put together a stable build around the graphics card i had in mind for something AROUND that range (i understand it probably wont be nearly enough).