Should I upgrade my processor?

Read Bill Hunt on a file type as WRAPPER http://forums.adobe.com/thread/440037

What is a CODEC... a Primer http://forums.adobe.com/thread/546811

What CODEC is INSIDE that file? http://forums.adobe.com/thread/440037

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Report back with the codec details of your file, use the programs below... a screen shot works well to SHOW people what you are doing

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For PC http://www.headbands.com/gspot/ or http://mediainfo.sourceforge.net/en

For Mac http://mediainspector.massanti.com/

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http://blogs.adobe.com/premiereprotraining/2011/02/red-yellow-and-green-render-bars.html

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If you have a red line over the timeline after importing a video and before adding any effects... your project is wrong for your video... read above about codecs

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Once you know exactly what it is you are editing, report back with that information... and your project setting, and if there is a red line above the video in the timeline, which indicates a mismatch between video and project

No sense in investing anything into that platform. The CPU is outdated, underpowered for the DSLR and GoPro material, the memory is DDR2, an ATI video card and only two disks.

Your best bet is to start saving for a new PC. Your current system is around 20 - 25 times slower than a fast desktop, which simply means where a fast desktop may need 1 hour to export a timeline, you would need a whole day.

When you apply effects to your video some serious number crunching has to go on if you are to see the outcome in anything like real time.  When you render even more number crunching has to go on.

Read what Harm has said - your system is effectively toothless.  A Nvidia graphics card would make a small improvement with those parts of the number crunching that are accelerated by the use of the GPU, but there are still the bottle-necks elsewhere.

You will not get a red line when you import video provided that you have chosen an appropriate preset for your video files.

No. Your entire system is outdated and obsolete all around. Even with the maximum amount of RAM and the fastest NVidia GPU, your system will still be four to five times slower than even an average-performing system with an average-performing current-generation CPU and a middling-performing GeForce GPU. In fact, all else being equal the Q9550 (at stock speed or even slightly overclocked) still performs slower than even the slowest Sandy Bridge i3 dual-core CPU-based desktop PC, let alone a fast i7-based PC.

As Harm stated, you will need a completely new CPU, a completely new motherboard, completely new RAM (since DDR2 RAM these days now costs twice as much money per GB as most DDR3 RAM). a new GPU and additional hard disks. All those typically cost as much money as a completely new build. Any investment whatsoever into this aged LGA 775 platform is a total waste of money at this point.

@Harm, that is what I was wondering though, couldn't I just update the mobo, ram, and CPU?

NO. Not possible because of the socket, chipset and memory architecture. You need everything new, including the PSU if you are out of luck.

Does that old PSU have a 6 pin and an 8 pin connector to power the video card? Does it deliver sufficient juice on that rail? I doubt that.

ntreuter wrote:

 

btw I just upgraded my PSU as well. I ahve a stanard ATX case so everythign fits. I just need to go to the root with the mobo.

You really need to be more specific about the PSU: You need to tell us the brand, model and wattage of that PSU so that we can determine if it's adequate.

Not a good choice, I'm afraid. That PSU can barely handle 450W under the best of conditions even when new. In fact, some brands of 500W PSUs actually perform better than that so-called "630W" piece of junk. Many brands of PSUs lie about their wattages. So, you will need another new PSU, in this case.

ntreuter wrote:

 

Well the i7 processor uses even less power than my q9550. I have a lot of overehad right now, what else is sucking up power i"m not considering?

However, newer CPUs are much more sensitive on the DC output quality. The DC output quality of the Raidmax is pretty wretched at its maximum usable output. So, after accounting for the bad DC output quality (excessive ripple, etc.), that PSU is effectively only a 350W unit. In fact, a good quality 400W PSU actually has far better DC output quality at its rated maximum wattage than the Raidmax Hybrid does at half-wattage.

In fact, good 600 to 650W modular PSUs cost much more than $53 shipped. You really need to spend at least $90 for a good 650W-class PSU. In other words, if you see a "630W" PSU at a price that seems too good to be true, that price most likely IS too good to be true.

GPU reading

http://forums.adobe.com/thread/997100

http://forums.adobe.com/thread/994581

Here is a good card and after rebate it is only $200.  If you can afford $290 here is another step up in performance

GTX 560 ti 448 cudacores, cheaper, more bandwidth

That's a decent system that should handle most anything quite well.