Assuming your PSU is the earthwatts 380W, that still has plenty of grunt with 2 12V rails at 17A.
I would say the immediate upgrade should be to 4GB RAM a new mobo and a new GFX with a plan to upgrade CPU later (or just OC it a bit more and leave it).
I would say the immediate upgrade should be to 4GB RAM a new mobo and a new GFX with a plan to upgrade CPU later (or just OC it a bit more and leave it).