So I have just gotten my new parts in, i looked on the gtx 770 box, recommended power supply is 600, i have 550, will it be alright?
The build
http://ca.pcpartpicker.com/p/2V3Op
You'll be fine. Your system will prob draw around 450W max under load. The back of the box recommendations are always way higher than you need. There there as an insurance policy to cover the company incase it doesn't work with a lower powered poor quality PSU.
That XFX unit you have there is very good and will have no problem powering that system.