Do I upgrade CPU and MB to gain PCI Express?

Hi all – I'm unsure if I'm required to upgrade my CPU, an Intel P4 3.0G utilizing socket 475, in order to reap the benefits of PCI Express interface. I understand I’ll have to upgrade my motherboard.
I currently have an ABIT IC7-G with 1024M of Corsair DDR 3200. I just replaced my 128M GeForce FX 5900 SE and purchased a 256M AGP Radeon X1300 Pro for $129. I can’t see $129 difference in the games I play such as Pain Killer and Doom, in fact, the game burped (simulated slow motion) for about 5 sec’s. All other pc use is generic; i.e., email and Internet. Did I throw away good money? There are some great PCI E cards out there for around $150 and would like to keep as much hardware as architecture allows. In your opinion, is it worth dropping and additional $200 - $300 on CPU and motherboard to play simple games as mentioned above? If upgrading is required, recommendations on motherboards and CPU’s are appreciated. I’m a fan of ASUS and ABIT; no preference on CPU, just performance for the buck. Thanks in-advance.
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More about upgrade gain express
  1. correction to socket type in my previous message
    Intel® Pentium® 4 Socket 478
  2. The issue is not PCI-E, the X1300 just plain sucks. ATI has X800XLs on sale on their website for about $120.
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