That MB is an 1155 socket, so the 2700k will drop in, however, you will NOT be able to overclock on that board so a k model is not a worthwhile upgrade IMO especially since the 2320 is already a 3ghz chip. Also, just as an aside, the 2700k is sandy bridge, not ivy bridge.
If you are looking at gaming as the need for speed, I suggest you think about a new motherboard that will allow you access to the bios, then consider what cpu gives you the best bang for the buck. Note that if you go this direction, you will also need a new copy of windows as your current copy is married to your motherboard.
Thanks mark. I do alot of live streaming is the reason for the upgrade aswell as video editing. So would the i7 be good for this? I do plan on getting a new motherboard soon