Should i upgrade my CPU

I was just wondering if all i needed to get a faster computer for gaming is to upgrade my processor. Right now i have:

Manufacturer:
GBT___

Processor:
Intel(R) Celeron(R) CPU 2.66GHz

Memory:
2048MB RAM

Hard Drive:
137 GB

Video Card:
NVIDIA GeForce 7600 GS

Monitor:
Plug and Play Monitor

Sound Card:
Realtek AC97 Audio

Operating System:
Windows XP Professional (5.1, Build 2600) Service Pack 2 (2600.xpsp_sp2_rtm.040803-2158)

Im sure most of that should make my computer perfect for gaming, but for some reason i have extremely laggy performance even with the minimum graphics quality.

Oh, and if i do need to upgrade, what core should i get?

to play the latest games on high res 22"+, ull need better

You will want a mobo that supports CPU's that are 775, which is dual core, quad, etc... You will also want to get a new vid card, the 8800 gts is pretty inexpensive these days and will play most (if not all at this point) games. Oh, and get 4 gigs of ram is using XP (well, really 3 gigs, but hey, more the merrier) or 8 using Vista (not sure if vista supports that much though, someone correct me). If you want to go hardcore, for with a i7 board and chip, but that will cost you.

I just checked the 8800 GTS, and its $340.21?

Thats a bit expensive for me...

http://www.nvidia.com/page/geforce_8800.html

That was the site i used to check it.

Oh, and if i upgrade my cpu and graphics card, would that make it good for gaming for another few years at least?

Oh, heres my motherboard compatability: http://www.giga-byte.com/Support/M [...] uctID=1842

Which should i choose? i was thinking maybe the pentium 4 631 or 630.

but my motherboard can support alot of recent CPU's.

And im willing to spend maybe $300 on an upgrade.

Best would be if You could built a new system and sell you r old one for somebody who is looking in basic computing and not gaming.

Read this article:http://www.tomshardware.co.uk/core-2-overclock,review-31589.html

It will give You basic idea where You should start for a low budget built

Ugh. Well, thanks for the info everyone.

How much do you think my computer would sell for?

I was looking at some good $1000 builds not long ago, but i thought all i needed was an upgrade

Honestly I would advertise it as "Internet Ready" and try for maybe $100 to $150. You might get lucky lol.

Hi dude listen, for around 400 dollars you can revamp your whole Pc, please check newegg.com for pricing. Btw where do you like...country. state. planet--->lol j/k. Hopefully its not australia