It doesn't look like it. At best your motherboard will support a core2quad, so to meet the minimum cpu requirement you'll need a new motherboard. You'll also need a better power supply to support a new graphics card, at least 400w depending on the gpu you choose. The only part that is likely to be usable off your old system is the hard drive.
Unfortunately, your situation is even worse, you cannot upgrade to quad, since you Dell came with dual - this is a Dell thing, Inspiron 530 was sold with 2 MOBOs yours and G33M03, this one is for quads and dual CPUs, so the answer is NO. You can keep it as spare PC in case if your other one get into troubles and you will need Internet connection, that is all.