I agree with efros as well but with the following comments
If you overclock the CPU you will most likely need better cooling and that tends to mean more fans and more noise.
If you upgrade the processor, what will you upgrade to?
If you stick with a socket A, I would also upgrade the motherboard to a newer one to enable you to use faster DDR ram etc. A decent board will have onboard audio so you can dump the sound card and may have SATA/RAID etc that you may find usefull. Nforce2 boards are pretty good in my experience and the dual channel memory should help.
If you upgrade to a dual core system (or any of the new processors) then you will need new Processor, Motherboard, RAM (DDR2), GFX card (PCI-E) and possibly a new PSU too.
Be aware of your upgrade path as theres no point buying DDR ram and an AGP GFX card if you are going to upgrade to a dual core system soon.
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Personally I either would upgrade the ram to 1GB and upgrade the GFX card to a Directx9 card and then save for a complete upgrade, or just go straight to the complete upgrade depending on how much money you have to spend at the minute.
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