We're talking about a single core processor that is 4 years old. Which windows are you running? That cpu together with the amount of mem will already struggle to keep windows 7 running. There's also tweaks to kill all the visual crap in win 7, though a lot of them will call on your graph card and a handful will call on your cpu.
I, personally, wouldn't bother with something this old. But maybe I'm spoiled. AMD has disappointed me a lot in comparisson to what Intel has been offering us. Definitely in 2010.
Those cpus for those boards now, if you can even find em, will cost you a couple of bucks. If you really want to keep on going with the elderly impaired, buy a better cpu for the board, buy the fastest mem the board can handle, 40 to 50 bucks upgrade, if you can find it. Then install win xp 64 bit on it. Look for win xp 64 tweaks for audio, tweak the computer to have a sole purpose of making music with. Make sure you have a production AI. You could skip the buying part and still do the rest.
Imo, just buy a new computer. I'm not a fan of macs, but if you want to pay more bucks then a pc for a no nonsense stable mac, go buy a mac. If you want more bang for your buck and are willing to deal with microsoft crap (yeah, you could install linux or whatnot, but I'd advise against that if your looking for the least amount of hassle), buy a computer. Desktop or laptop. Cheapest and most bang for your buck, build your pc yourself, or find someone that is willing to do it for you for free or cheap.