Looking to upgrade to Core I7

Hey Toms.

So I think it might be time to upgrade my processor. I've been running this Core2Duo, but with Win7 hitting soon, I'd like to swap to 64bit, and decided to upgrade my processor.

I'm using a Gigabyte EP45-UD3R ATX LGA775 P45 DDR2 1366+ 1PCI-E SATA2 RAID HD Sound GLAN 1394A Motherboard (http://www.newegg.ca/Product/Product.aspx?Item=N82E16813128359), and I'd like to plug a Intel Core i7-860 Lynnfield 2.8GHz 8MB L3 Cache LGA 1156 95W Quad-Core Processor into it (http://www.newegg.ca/Product/Product.aspx?Item=N82E16819115214)

So I guess my question is, Is this something I should consider doing? Are they even compatible? Should I use the heatsink/fan that comes with the i7, or stick with my ARCTIC COOLING Freezer 7 Pro Rev.2 92mm Fluid Dynamic CPU Cooler (http://www.newegg.ca/Product/Product.aspx?Item=N82E16835186134)? Or hey, do any of you have other suggestions for my upgrade? Who knows!

I'd just like some advice from people who actually know what the hell they are doing before I drop hundreds of dollars on a new processor.

Thanks all. Sorry for the copy/paste.

But I assume I could upgrade to a Quad core, right?

If I couldn't hit the i7 up I was considering an Intel Core 2 Quad Q9550 Yorkfield 2.83GHz LGA 775 95W Quad-Core Processor Model BX80569Q9550 as a backup, though I am not sure if my current fan will support it.