Yep, that's my board. How can you tell just by looking at it that it has SATA I? I actually found this: http://support.dell.com/support/edocs/systems/insp530s/en/OM/PDF/om_en.pdf
If you skip down to pg178 It says I have SATA 1.0 and SATA 2.0.
I read it on the website that sells them.
Do the colors black, blue and white mean anything? Or are they just there for convince?
Colors could mean RAID support, and or data only (no optical drive support in that slot)...
You also mentioned, "if I get SATA III". That would constitute a new mobo correct?
No, it will work. It is backwards compatible with SATA1 and SATA2 as well.