Do i need a faster CPU to play modern games at a good resolution?

He will still need to overclock it. Hence the OP might as well learn how his current CPU can be overclocked. The 5650 won't be much better for gaming than a 920 save for it being cooler.

As for RAM, you can just buy a 16GB dual channel kit. There's no need to fish around for 'triple channel kits' or any of that nonsense. If you really feel the need for triple channel just buy three of the same stick.
 
i7 920 will bottleneck most current games with a 1070, if it's not overclocked. However most of them (if they're D0) can easily do 4.0 GHz or beyond. At that point, nope, it won't bottleneck.
 
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