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uhh...give me a system spec, and a game that you are trying to play, and we can tell you. just asking the general question does not provide enough information.
Edit: found your specs in your sig. for future reference, just telling people your specs are in your sig would be useful. to all, here's the specs:
Pentium D 930 (3.0 GHz)
NVIDIA GeForce 7600 GT 256MB
2GB PC2-4200
MSI 945PL Neo-F (i945PL)
120GB WD Caviar SE SATA
Liteon SHW160P6S05 16X Dual Layer DVD±RW
Windows XP Home
hrmm, where to begin. your system is essentially 2 years old, maybe a little more (as far as the tech goes, that is). Your CPU could likely push a 8800GTS without causing severe bottlenecking, but it is getting there. In less than a year, it should be replaced, if you play the latest games. Your chipset on your motherboard is long in the tooth, and should be swapped for a budget P965 based board, for under $100. Your RAM is slow. This is fine if you're not overclocking, but it is also a bottleneck. With 2GB of DDR2-6400 running under $100, I would upgrade the RAM. Your video card is definately holding you back as well. 16 pipes may push some games, but you're going to see with the newer ones, it just won't cut the mustard anymore. I'd recommend the PNY 8800GTS 320MB PCI-E card for $215 as a great bang for the buck. It'll be a night and day difference. Your HDD is also bottlenecking you. You can get away with keeping it, for now. I'd recommend a 74GB raptor for OS/application drive (or the 150, if you can afford it), or a Seagate perpendicular recording drive (they start under $100 for the 320MB version), and keep the 120 for storage. Here's the breakdown:
(In order of importance, IMO)
PNY 8800GTS 320MB: ~$220
New P965 based board, budget-ish model: ~$100
2GB PC2-6400 DDR2 RAM: ~$100
New HDD: ~$100-150