Going to 8GB of RAM will likely be the cheapest upgrade. The only CPU upgrade you can do without a complete rebuild is moving to a Quad Core if your mobo supports it. The issue with that upgrade is that the Q9550 costs more than an i7 920 for far less performance.
I had nearly identical hardware and updated to 8GB of RAM (on a 64-bit OS) and
upgraded my GPU to a 275GTX. I use ISBoxer and by setting the non-active sessions to 20FPS and lowering the graphics options on my slaves I get 50-60FPS in almost all scenarios.
Honestly, I think just upgrading your RAM will be the best bang for your buck. If you are going to up the CPU I'd say it would be worth looking into moving to an i7, which will require a new MOBO and RAM.
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