Opinions Wanted on PC

I recently acquired a Dell PC from a friend's studio.  The motherboard had crashed on it and he decided he'd rather put money into a new Rain system than fix the one had.  So he gave it to me and said I could have it if I could get it running and could give him the data off the hard drives.
 
It's an old Dell built for audio.  It contains the following:
Motherboard (needs replacing) - E210882 w/ IDE - uncertain of processor as the main chips are obscured by rather large heatsinks.
RAM:  2x KVR333/1GB DDR2
Hard Drives: Seagate Baracuda ATA 120GB and Western Digital WD2500AAJB 250GB PATA
Power: SPI ATX-350PN with quiet fan and another fan with a directional hood back to the largest heatsink on the motherboard.
Sound Card: Audigy2 Sound Blaster
Video Card:  N6200A-LFR2.1 GeForce 6200 256MB DDR2
 
My current system is an off-the-shelf HP w/ 2.9GHz, 1GB RAM, 250GB Hard Drive, and M-Audio FIreWire Solo I use as my sound card.  it kind struggles with audio considering I have a predilection towards delay, phasers, and reverb.  I realize that is mainly due to the small amount of memory, which limits what I can do.  Given that I also want to add NI's Komplete 8 Ultra sometime next year, I will need something that can accommodate that.
 
Is it worth fixing this other PC or should I just look at upgrading my current one with more memory?  I'd like to add a second monitor as well.
he main reason I am looking outside of my current setup is to have a system completely devoted to music.
What do you think?