Ultra Low budget gaming PC?

[Fermm92]

Recently I saw gtx 660 OC and hd 7870 (Oc too) for arround 180€ in my local store so i was thinking, could we make a pc with a price between ps4 an Xbox One using this, wil it perform better? (i know the performance of this systems is unknown but just make a guess)

I was thinking of:
i3 - 3220 - 100€
a cheap 30-40€ MB
8Gb RAM - I saw it for arround 55€
500GB HDD - 50€
I don't really know about the PSU i assume i shouldn't use a cheap case+psu bundle but i found a Tacens Alum 500W (being the PSU 80+, if that counts for something) - 40€
And of course the 7870/GTx 660 OC 2GB GDDR5

And, yeah total about 350-400€ wich is less than ps4 with steam and.. well it's a full PC.
Also both the cpu and the gpu are faster than ps4-XO configuration on the paper. (FLOPS and that stuff)
Any ideas guys?

EDIT: some typos.

 

[sharkbyte5150]

I'd avoid any PSU's that aren't made by Seasonic/XFX/Corsair. 80+ accounts for nothing in terms of reliability, which is what matters most. Otherwise, good choices. Go with H77 or B75 motherboard. You could probably get away with 4GB of RAM to allow for maxing out budget on GPU, and go up to 8GB later (if you feel you need it).