Can I upgrade my Dell Precision 670 with 2x 3.60ghz processors to say 2x i7 Extreme 3.06ghz 6 core processors? If I do that wh

Can I upgrade my Dell Precision 670 with 2 x 3.60ghz processors to say 2 x i7 Extreme 3.06ghz 6 core processors? If I do that what memory will I need to install change out or will I need too? Currently have 16gb of PC3200 DDR2/400mhz with 2 more open slots for something else. Just not sure if this RAM is going to be fast enough strong enough to keep up with that amount of processing power. I mostly use this unit as a server I download online movies, or TV programs that are being streamed live to it. I also use it to work on graphics, things like Photoshop, fireworks, Dreamweaver, freehand, some video work. I currently have 4 x 4TB drives 2 x 2TB and 3 x 1TB drives installed. I am running Windows XP pro but bought a copy of Server 2012 once I get the time to do the upgrade. I added a HDD controller card to manage the drives, I may look at upgrading the Video card at some point to a better card but so far I am happy with what I have. This is connected directly to my living-room projector and a 120 inch remote control electronic HD screen. Then networked to other 6 other computer, 2 laptops, and they are connected to 4 other projectors in various other parts of the house. I am happy with the 670 Dell but not sure it can handle things if we have more than 2 movies being watched at more than 2 locations. That is what attracted me to the multiprocessors in the first place it runs slow gets hot now any suggestions would be great thanks in advance. I bought the sever on E bay got into a fight with the guy that sold it to me he tried to rip me off, claimed it had the second processor installed in the sever but it only had the one when it arrived on my doorstep. Then tried to claim I took it out to make him look bad, over a $65.00 Dell 670 Precision that was in rough shape, I payed more in shipping then I did for the computer. I got a second CPU kit last month off E bay for $28.00. So far so good, just some issues with the graphics card and being connected to the Infocuse Projector not a monitor all the time. It gets confused with the duel monitor connection will go to the one with nothing connected to it, mess up the display and show a blank screen. Or show one with the wrong resolution making the screen look too big or too small and your unable to open/close windows on pages, click on anything, make changes/adjustments. But I keep a remote handy to the projector and reset everything including the auto input that seems to help fix that issue.