Gaming PC for around $550

[Amolk247]

I am thinking of buying a gaming PC for the first time. I am wondering what would be the best gaming PC build for around $550. I do not need a monitor/OS/keyboard/mouse. I also live in the US incase you were wondering. I want to play modern games on medium or higher settings such as battlefield 3 and far cry 3

 

[assasin32]

PCPartPicker part list: http://pcpartpicker.com/p/OZxj
Price breakdown by merchant: http://pcpartpicker.com/p/OZxj/by_merchant/
Benchmarks: http://pcpartpicker.com/p/OZxj/benchmarks/

CPU: Intel Core i3-3220 3.3GHz Dual-Core Processor ($114.99 @ NCIX US)
CPU Cooler: Zalman CNPS5X Performa CPU Cooler ($13.99 @ Newegg)
Motherboard: MSI B75MA-E33 Micro ATX LGA1155 Motherboard ($56.98 @ Outlet PC)
Memory: Patriot Viper 3 8GB (2 x 4GB) DDR3-1866 Memory ($42.98 @ Amazon)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($69.98 @ SuperBiiz)
Video Card: XFX Radeon HD 7850 1GB Video Card ($149.99 @ Newegg)
Case: Cooler Master Elite 335 Upgraded ATX Mid Tower Case ($36.85 @ NCIX US)
Power Supply: Corsair Builder 500W 80 PLUS Certified ATX12V Power Supply ($58.23 @ Outlet PC)
Optical Drive: Lite-On iHAS124-04 DVD/CD Writer ($15.98 @ Outlet PC)
Total: $559.97
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-04-07 01:57 EDT-0400)

This build you don't have the option of overclocking the CPU, the heatsink is there just for air flow direction. And there is no reason why you can't remove it if you so choose. Just buy fans for the case and your good. You also get bioshock infinite and the new tomb raider game with the GPU.

If you were really strapped for cash and $550 was the hard limit and you had no intent on overclocking anything or down the road upgrades you can go this way and put in the 430w PSU. From my calculations you should still be good.
http://pcpartpicker.com/p/OZAe