CPU and MoBo geared towards video editing

Hello, it's time to upgrade my PC because I simply can't handle the video rendering (adobe premiere) times that my current box has me waiting on.

My current setup:

Processor: Intel(R) Core(TM)2 CPU 6400 @ 2.40GHz (2 CPUs), ~2.4GHz
Memory: 2048MB RAM
Card name: ATI Radeon HD 4800 Series

To be honest I don't know much about CPU's or motherboards these days; thus the reason I am here.


I am willing to drop ~300 dollars on a CPU. But what i7 should I get? What mother board will work the best? I don't want any bottle necks.
Also how much RAM is sufficient these days?

I believe my video card is sufficient.

Thoughts? THANKS IN ADVANCE!