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I would consider selling the Xeon TBH, and buy a Haswell i5. Even though it's the same socket, the Xeons are not always supported by all mainboards that use the same socket. They also have extra features that are completely irrelevant for virtually all home users. That said, if the thing DOES boot up with no issue in your board, then you're set, as it's basically identical to an i7-4700 non-K, only a smidge slower due to lowered clock speeds. It's worth trying, because no damage should occur (same voltage range, VRMs are safe, etc). If you get a black screen, or it gets stuck at BIOS POST (usually get a message like CPU NOT SUPPORT or similar), then yep, you gotta sell it and get a desktop model CPU for that board.

Ram you're more than fine on. You already have a GPU and PSU on the way as you say, so the only thing you're lacking would be a decent CPU. i5 4000 series or better and you're good to go.