Combining strong signal amplification made possible by Gaseous Electron Multipliers (GEMs) with the high spatial resolution provided by optical readout, highly performing radiation detectors can be realized. An optically read out GEM-based Time Projection Chamber (TPC) is presented. The device permits 3D track reconstruction by combining the 2D projections obtained with a CCD camera with timing information from a photomultiplier tube. Owing to the intuitive 2D representation of the tracks in the images and to automated control, data acquisition and event reconstruction algorithms, the optically read out TPC permits live display of reconstructed tracks in three dimensions. An Ar/CF4 (80/20%) gas mixture was used to maximize scintillation yield in the visible wavelength region matching the quantum efficiency of the camera. The device is integrated in a UHV-grade vessel allowing for precise control of the gas composition and purity. Long term studies in sealed mode operation revealed a minor decrease in the scintillation light intensity.