Replacing CPU

The Core i5's use the 1156 socket, while the Core i7's use the 1366 socket. You would need to replace the motherboard.

EDIT: Correction, there are 4 Core i7's that use the 1156 socket:
http://www.newegg.com/Product/ProductList.aspx?Submit=E...

If you used one of those, you could keep your motherboard.

Your board only uses socket 1156 cpus; there are a few i7 1156 models that fit; no point in changing to socket 1366. I recommend the i7 870 Lynfield for around $300.

Good question. Anything else at all that I should be concerned about? Would it be an easy swap to do?

Yes. Just look under "cpu support" to be sure your current bios supports it.

cpu support? where's that?

You can get the model number of your board with cpuz, a free download. "cpu support" is on every manufacturer's website on the main page for your board, or in the support section. If you have an oem board by a computer manufacturer, the board will be listed on dell's, hp, gateway's, etc website instead of the board manufacturer.

How will I know if my bios supports the CPU change?

Under "cpu support" the bios file number is usually listed on the right side, or it will simply say "yes" or "no" for cpu support. Several cpus are listed.

If you post a screenshot of CPUz we can assist you in finding whether or not the new CPU would be compatible.