According to intel ( http://processormatch.intel.com/CompDB/SearchResult.asp... ), it seems that it should. But may require a bios update (has to be done before the cpu replacement). But to be sure, contact intel support with the actual serial number of the board and they will let you know precisely.
It has a LGA 775 socket which is pretty old. If you want to play graphics intensive games such as BF4 , you might want to change your Graphics card , but the best would be to upgrade the Motherboard , CPU , GPU , PSU , and RAM.