Upgrade Processor or buy SSD?

I have about $200-$300 to spend on upgrading my computer, I am wondering if I should buy an SSD or upgrade my existing processor. I want to get the most performance increase for my money. I have the newest SATA hard drive, and its performance is pretty good (but it's still a bottle neck for loading); while my processor is pretty old and is due for an upgrade. I could get a processor that is 2x better to make my system overall faster, or an SSD to make my load times faster, which one?

My specs:
Processor: AMD Phenom II X3 720 BE
Hard Drive: Western Digital Caviar Black 500GB 7200 RPM 32MB Cache SATA 6GB/s
Motherboard: ASUS M5A99X EVO
Graphics: SAPPHIRE Radeon HD 6950 2GB
RAM: G.SKILL Ripjaws Series 4GB DDR3 1600 (PC3 12800)
PSU: Cooler Master Silent Pro M600 Series Modular 600W
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More about upgrade processor
  1. I think you would be better off with an i5 2500k and an Asus 1155 micro board.

    I think low load times are kind of overrated if you don't already have good processing power.

    The processor can cover up a lot for load times, the SSD can't take the place of the processor for processing.
  2. SATA 3 for a HDD is a crazy overkill because the platter inside the HDD can't go over the SATA 2 speed. But the 32MB of cache is pretty nice.

    It really depends on what you usually do on a day to day basis. If you playing games like BF3 where the load times are really slow, you want to get an SSD.
    If you just want FPS or just better over performance, go for a new CPU.

    http://www.newegg.com/Product/Product.aspx?Item=N82E16820227725 - OCZ Agility 3 60GB

    http://www.newegg.com/Product/Product.aspx?Item=N82E16819115077 - i3 2120
    http://www.newegg.com/Product/Product.aspx?Item=N82E16813157271 - Asrock Extreme3 mobo (incase you want to upgrade)
    http://www.newegg.com/Product/Product.aspx?Item=N82E16813130569 - MSI H67 mobo (incase you don't OC)

    Pick one of those or the SSD linked by the guy above me and you'll have a fast rig. SSDs just decrease loading time, they don't increase FPS.
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