What does the 2600 K refer to?
Yes, an I7-2600K with 8gb is plenty of horsepower for PS and LR. I would set the preferences in PS so that 70% of the memory is available for PS, assuming you won't be running other significant applications at the same time. You're probably running off of Intel embedded graphics, won't give you lots of graphics performance but in general you don't need it for most PS tasks.
Hi and thanks for the info, it is very helpful. I have a friend running the same CPU I'm planning to use on an H67 board, but he also has a GTX560 installed. It is a very crisp system, but it crashes really a lot. I'm wondering if it's maybe a conflict between the Intel built-in GP system and the 560. Your comments are making me confident I won't need a separate card and so might avoid it. I don't plan at this stage to do any movie edits, no PR or AE. Think I might run with the CPU graphics only. I should tell my friend torip out his GTX560 and see if that stops the crashes too.