It also appears that the AMD Phenom II X2 550 Black Edition Callisto 3.1GHz Socket AM3 80W (also $70) will work in your motherboard. It may unlock into a Deneb Quad-core if moved into a new AM3+ motherboard, but it's odd that it is a C2-stepping (the C3-stepping models will over-clock higher and run cooler).
Any AM3 processor will move forward into an AM3+ motherboard when you are ready ... they have dual memory controllers and work with either DDR2 or DDR3.
The click on the CPU tab for a list of processors that will work. A BIOS upgrade may be required. What version BIOS is yours?
I'm not as tech savvy as I wish, how would i find out my bios version
There are several ways. One is to watch the screen at boot-up. The BIOS version should be displayed on the screen for an instant. If it's too quick to read, download and install CPU-Z. It is a small, safe pgm that will give a lot od info about your system. Run it and click on the "main board" tab. The BIOS version should be noted.
CPU-Z: http://www.cpuid.com/softwares/cpu-z.html
(click on the link called 1.65 Setup English)
CPU-Z is a handy pgm to have anyway. Most everyone here has it I imagine.