you already have a PSU thats capable, hard-drives, soundcard, a case? an OS? etc?
You end up spending £220 for a core2duo, 2gb ram and a blisteringly fast graphics card compared to what you have.
Thats over double the processing power and god knows how much graphics horsepower.
You can recoup some of that £220 by selling current mobo cpu gfx
Excuse my utter ignorance here

[noob mode enabled]
Hang on! So for £220 I can get a MB, core2duo, 2gb ram and a GFX card?
My issue with my PSU is don't PCI cards need a specific connector which my ATX style system won't have?
Also my main drive is an IDE one. So this must surely need replacing with a SATA one?
My graphics card is PCI, this wouldn't work in a PCI mb?
[noob mode disabled]
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