That system wouldnt die soon, if it were, it would be because of the PSU.
Up that GPU to a 7850/7870 and you should be good. PSU maybe to a 500W one from Corsair, Antec, Seasonic, XFX or Silverstone. Thats about it, unless you feel your Phenom isnt doing its job anymore. I would suggest waiting til you have more money to make a new system since your current system is a bit outdated. (Maybe $800-1000) Although, if you want your upgrade soon, then thats no problem.
Thanks a lot for the prompt reply. Will surely get a new PSU in the coming days. (I suspected it of continuous breakdowns of the components). And for the GPU, Will save and get one in the coming months
System is getting old?
I have a pentium 4 that is older than your rig.
You have a quad core there.
I would suggest overclocking or you can wait next year for new intel CPU.
My pentium 4 is 6 years old and it is still running great.
I don't think your machine will die anytime.