Some undue pessimism on this thread. My old PC with a Pentium 4 and GeForce 6800 ran games extremely well. Unless you want stupidly high frame rates you'll be disappointed, but to hear comments like 'you'll be ok with anything before 2005' is silly.
Count me in with that. I also own a P4 (3.4 GHz Single Core) with the 6800 and everything is fine at 1280x1024 if you don't expect to max everything out. I can play with good frame rates and still good looking graphics inkl. Oblivion, Stalker, NWN2 etc. pp.
Time to switch to the new IMac for me at least ... even if it is not faster in gaming than what i have. For playing new games I have my 360.