Will this GPU and CPU be fine with my current system

http://www.umart.com.au/umart1/pro/Products-details.phtml?id=10&id2=248&bid=2&sid=198984

http://www.umart.com.au/umart1/pro/Products-details.phtml?id=10&bid=2&id2=14&sid=101592

Case: AEROCOOL VX9 PRO LE ATX LS

MOBO: ASUS M5A97

PSU: COOLER POWER 850w

RAM: KINGSTON 4GB DDR3 1333MHZ X 4

If it was ok, would I need anything else, like a cooler for the cpu?

CPU is good, GPU is good (you can save some money and take the none X version )

No idea about the case, I wouldn't take that brand for the PSU (Corsair, Antec and SeaSonic are the best to choose from)

No need in 16Gb of RAM, 8 will do the job.

CPU cooler: EVO 212, Noctua D14 or Corsair H100i.

It's good but be sure to get a CPU cooler. And take it easy with the CPU overclock, actually don't do it at all, that board is not good for it. You could get a cheaper 8320 and OC it to 8350 speed easily.