Yes it will. And it will blow the socks off of the P4 after you OC it. Give us a budget and post in the Homebuilt Systems section adn we'll put something nice together for you.
Back to your origional question, any modern CPU will meet that performance requriement. I'd start by looking at the e5200, if you have a little more money, maybe the Athlon II 250, especially if you just need an IGP. We'd need to know what appliactions/games you're runing to give you good advice, though.