Honestly, those components aren't terribly outdated. A step down from cutting-edge, to be sure, but perfectly functional.
I'd probably recommend against spending a lot of money on that system, though. The LGA775 socket is going to limit you to a relatively modest performance increase with whatever new chip you put in there, since your current one isn't bad as LGA775s go. Yeah, a quad core could boost your performance, but for the money I don't know if it's worth it -- you'd likely be better off just keeping what you've got for a year or so, and saving up to build an i7 system, or maybe an i9 if the cost is reasonable by then.