Should I buy a new Power Supply?

I would say so. You can upgrade to the Corsair CXM 750. It would also give you the option run SLI if you want to in the future.
 
I am thinking about SLI, as long as I can run my current card with the next one. I got my PC quite recently though, so would it be worth over clocking first and seeing if it holds up?
 
I would get a P3 Kill-A-Watt and track how much your system takes and compare it to the total 12V power the current PSU can provide(Which is 456watts). To get the max your current system takes use benchmark software furmark and wprime at the same time. It will show you were you are at from the plug.
 
I run two overclocked 670s and an overclocked 3570K (less power-hungry than your AMD unit, 77W TDP vs AMD's 125W) on a 650w 80 Bronze Corsair PSU (HX650) no sweat - SLI on a bronze 500 is likely to be touch and go. Quoted TDP for the graphics card is 170w plus 125w for the 8350; that only leaves you with about 160-170 watts of headroom for everything else.

tl;dr it may be possible to run two cards and overclocked Piledriver on 500w, but I wouldn't really recommend trying.
 

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