Ok, lets unravel this.
The card you currently have actually requires a 400W power supply. It seems aspire was saving money on giving you less, but it might not be a problem, as gpu producers usually have a bit high wattage as minimum to make sure people can use the hardware. You CPU uses a maximum 73W, so even with a card that uses the maximum 75W available on the PCIE slot should be fine.
Your card uses 50W. You can either buy a GTX750 (which uses 55W and is a bit cheaper) or the GTX750ti(which uses 60W and is 15-20% faster). There isn't really any low power alternative with gaming performance by ATI atm, so you have to go NVIDIA. The 750ti might be pushing it a bit, but your PSU should still handle it with ease (NVIDIA recommends at least 300W, but they are playing it safe there).
You can get a 750ti for 212 $
http://www.techbuy.com.au/p/313832/VIDEOCARDS_GEFORCE_PCI-EX_7XX_SERIES/MSI/N750TI-TF-2GD5OC.asp
and a 750 for 170$
http://www.techbuy.com.au/p/313817/VIDEOCARDS_GEFORCE_PCI-EX_7XX_SERIES/ASUS/ENGTX750-PHOC-1GD5.asp
At these prices, defiantly get the 750ti, the performance increase is worth it.
The only problem is that the 750ti is usually a two slot card. If you do not have two slots, and are good at diy, see this article
http://www.tomshardware.com/reviews/single-slot-geforce-gtx-750-ti,3761.html if you do not want to mess with things, get the 750. But be aware that the 750 is not really made for gaming, and the 1gb ram on the gpu might be a problem even at your resolutions. I think galaxy has announced a single slot 750ti, but it is not released.
Estimating the performance increase of this is difficult, but your card is MUCH slower then the 750ti. In the gpu-ranking you are 8 tiers below the 750ti and 6 tier below the 750, where one tier is ~10%
http://www.tomshardware.com/reviews/gaming-graphics-card-review,3107-7.html . If you want to play now, either upgrade now or buy new now. If you can wait (although I wouldn't at 17fps mid battle
), then waiting and saving will obviously buy you a better machine when you have the money. But this is defiantly a worthwhile upgrade!
update: Looking at this picture:
http://www.computech.com.au/ebay/ACER%20AX3950-8.JPG I am thinking two slot should be possible. But look into you case and see if there is the space
update 2: You might be able to fit a sfx psu. Can you measure your psu? Sfx psus are 12.5cm x10cmx6.5cm