Yeah, it looks like you're at the point where in order to get the best performance, you're going to have to do quite a bit of an upgrade.
Not only will you need a new motherboard and CPU, but maybe new RAM (I haven't followed the PC scene for years, though, so it's possible that you'll just be able to use your old stuff), and maybe even a new power supply, if your old one isn't strong enough.
I'm in the exact same situation as you, except I not only have an increasingly aging CPU (1.5 ghz just doesn't go as far as it used to), but also a video card that could use replacing (Radeon 7500).