Well I'm looking to make a budget build, I've compiled the rest of my core parts below, but I'm still open for suggestions as I have not purchased the parts yet. I use the pc mainly for web browsing, school, and some gaming capabilty (mainly MMORPG).
I've heard great things about being able to overclock the Intel e2160 easily to 3.0ghz on stock cooler, and this is what I'm shooting for, considering the low price of about $75. My other pc runs on a 3.0 pent 4, and works well, so I figure anything new, would be that much better.
But... I heard the e2220 at 2.2ghz stock is coming out Dec. 3 for under a $100, should I wait a little longer to pick this one up, or should I consider purchasing a better processor altogether?
You mean the E2200 right? An E2220 would be 2.4GHz, I'm not sure if such a chip is even on the roadmaps.
If you are budget conscious, then an E2160 @ 3GHz is a good choice. To put things into perspective, it will almost be double the speed of your P4 @ 3GHz in single threaded performance (which probably applies more to you, looking at your needs), and around triple the speed in multithreaded performance.
Waiting for the E2200 won't bring you many gains if you will be overclocking anyway. They are essentially the same chips, made on the same process, and should overclock to around the same speeds Perhaps the E2200 will overclock a little higher, but is it worth waiting for, as well as the price premium over the E2160? IMO, no, it's not.