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What budget are you looking at spending for this upgrade? Also, what resolution do you plan to play your games at?
In your shoes, I would upgrade the cpu and get a gtx260/hd4890.
As long as your board will support the new 45nm cpus, it's probably not worth it to buy a whole new system. Certainly, an i5/i7 system would be a nice upgrade, but if money is a concern then i wouldn't bother with a new system.