Upgrading i3 to i5 Questions

redstar7t

Reputable
Apr 13, 2014
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4,510
Last year I built my own gaming PC and use this i3 dual core: http://www.newegg.com/Product/Product.aspx?Item=N82E16819116775

I now play Minecraft, which is a CPU intensive game (when modded), and think it would be best to upgrade to an i5.
Specifically, I was wondering if this i5 is compatible with my motherboard or would be worth it: http://www.newegg.com/Product/Product.aspx?Item=N82E16819116782
My Motherboard: http://www.newegg.com/Product/Product.aspx?Item=N82E16813131835
Somebody told me that my motherboard could not overclock, which is why I did not go with a K. Both that i5 and my motherboard have the same socket type (LGA1155) but I don't know if there is any other compatibility issues I should check.
Or would an i7 be even better? (though people have told me it's not worth it)

I was also wondering if my i3 could be used in another computer once I take it out, or if there's something I could do with it.

Thanks in advance!

Additional Specs:
Windows 7 64-bit
MSI R7770 Radeon HD Graphics card
600W Power Supply
8GB RAM (DDR3 1600)
120GB SSD Hard Drive