No, this card is not designed to be a gaming card. Its a low-end card at best.
Its also a complete rip-off at $149.99.
The amount of memory in a video card is only one (and a slightly minor) aspect in the whole power of a card. The major determining factor is the GPU, as well as the core and memory clock speeds. The amount of memory determines how high of a resolution, or how well it can buffer images, but not how quickly it can produce them.
The 8500GT has a relatively slow GPU and clock/memory speeds (as indicated by the memory is 128-bit and only GDDR2, whereas most high-end cards have minimum 256-bit and GDDR3).
As it stands, the 8500GT is not even fast enough to use that much memory. The most it will effectively use at once is 256MB, and 512MB to a lesser degree. Tacking on 1GB of memory to a card like this is basically a marketing gimmick to sell low-quality parts at a high price premium to people who don't know any better.
http://www.newegg.com/Product/Product.aspx?Item=N82E16814127333
http://www.newegg.com/Product/Product.aspx?Item=N82E16814102719
Here are examples of vastly superior cards with 4x to 5x the performance of that 8500GT at the same price point.
I would also advise never to buy from somewhere like Bestbuy until you check out the prices on somewhere like Newegg to make sure they're pricing correctly, as Bestbuy's prices are really all over the place, and seldom accurate.