That cpu is a year older than the one thats coming out. So possibly not, if you install the processor it will either work or not work. If it didnt work it you would just get stuck at a bios error screen.
The intel core 2 duo E6700 is supported but I would go for the e6600, both are on ebay but the e6600 is much cheaper.
I would also consider trying to overclock your board if the bios allows you to on the chip you have or even the one you are getting.