Certainly. Here are my two systems, you can see the difference in configuration:
(old system, now secondary for friends to LAN on)
Intel Core 2 Duo@3.4GHz; 3GB DDR2 memory; 512MB 9800GT video card
(new(er) system, can run Skyrim at maximum settings without lag)
AMD Phenom II 945@3.4GHz; 4GB DDR2 memory; 1GB GTX 460 video card
As you can see, my GTX 460 is paired up with an overcloced AMD quad core. My CPU is *still* the bottleneck, as a newer turbo quad or i5/i7/FX would do wonders for my overall performance.
How much memory do you have? If it's less than 3GB, that's your bottleneck. My Core 2 Duo can run Skyrim just fine, albeit not at *maxium* settings but most are at medium and a few are set to high. Though, my CPU is also 300MHz faster than yours, I doubt it is the reason you are unable to run Skyrim.
Turn your draw distances down and turn physics down, this will help with CPU. If you have 2GB of memory or less, that will be your bottleneck and you will need an upgrade ASAP
However CPU's are so incredibly cheap, you should be able to get an old Core 2 Quad for next to nothing, and when overclocked it will perform well enough to run Skyrim at higher settings