Your motherboard will work with the GPU just fine. However the socket on your motherboard is a limiting factor on using new CPU's.
So basically i would recommend that you get a new motherboard, new cpu and memory to go with the graphics card you got.
PCPartPicker part list: http://pcpartpicker.com/p/EfTu
Price breakdown by merchant: http://pcpartpicker.com/p/EfTu/by_merchant/
CPU: AMD FX-8320 3.5GHz 8-Core Processor ($134.29 @ Amazon)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($29.99 @ Microcenter)
Motherboard: Gigabyte GA-990FXA-UD3 ATX AM3+ Motherboard ($104.99 @ Newegg)
Memory: G.Skill Ares Series 8GB (2 x 4GB) DDR3-1866 Memory ($52.99 @ Newegg)
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-12-04 00:31 EST-0500)
This set for example should get you a nice motherboard, a good amount of memory and a powerful cpu.