Depending on the graphics card you choose, yes, also it depends on the setting you choose to play the game on. Your CPU is a lot better than mine, and I have successfully played GTA IV with my rubbish setup without problems on medium settings.
If you choose to upgrade your PC, make sure that your components match... Meaning, your motherboard has to support the types of RAM and Graphic Cards. Also, chasis space tends to matter a lot.