I mainly worried as my mobo is starting to be outdated, and that I had trouble previously hunting for bios updates. I wasn't sure if it would be able to handle newer components over the coming few years. Also as I am planning to be mainly this PC as a gaming PC I was unsure if keeping the CPU at 3.2Ghz is enough for the higher end up coming MMO games.
I had a look at AsRock Z77 Extreme 4 and Intel Core i5-3350P
But unsure if it would be a necessary upgrade?
Well, it is always best to delay an upgrade for as long as possible. Although and i5/Z77 would be much better, it may not increase fps as much as you expect since you will still be running a GTX660. Are you noticing unacceptable performance right now or is this more precautionary. If the latter, wait a few months, save some money and then reassess. It is better to spend more less often then vice versa. Most MMOs are not that resource demanding.
If i were you, i would get a cooler master 212 evo cpu cooler for $35 and OC that CPU to as high as you're comfortable with (3.7GHz should be relatively simple, 4.0GHz should also be obtainable given decent ventilation). depending on the games you play and the resolution you're playing them on, your phenom ii x4 should be fine for a while longer. at least wait until haswell comes out in june supposedly.