it will work, but your cpu will be holding back the graphics card. I would just hold out and do a full upgrade if i were you. Some games will run better, others that are cpu dependant will not run much different. Do you have a graphic card now? if so which one? if your just running onboard graphics then you will really see the difference.
u are right but i m currently on budget and taking things slow, one thing at a time u know......... i curretly have ati radeon hd 4350 which is a 3 year old card. i also currently have a vga monitor but planning to buy a new one in a couple of weeks. Also the PCIe interface is 1.1, so is that a prob?