If you seem to be locked at 75 fps, clearly your framerate is being synchronized to the refresh rate of your monitor (which, with modern hardware, is usually 60hz, 72hz, or 75hz at high resolutions). Turn off Vertical Sync in Graphics options and you'll start pulling fps in excess of 200 probably.
That said, why would you want framerates that high? Vertical sync is on by default for two reasons:
- When FPS exceeds monitor refresh rate, the screen tears and makes the animation look weird.
- Lets not forget, 75fps is a lot. Your monitor, at 75hz, can only show 75 new frames in a given second. Anything over that is wasted power and excess heat.
And by the way, your friend's 7-series machine likely can also achieve framerates into the 150-range as well without vertical sync. I can get as high as 120fps with my single 7800 GS, first generation AMD 64 processor, and 2GB of mere DDR-400 RAM.
Anyway, that is most likely the reason you're limited to 75fps right now. Nothing is wrong with your hardware.

Personally with your setup I would bump Antialiasing up to 4x and then add some more Anisotrophic filtering in the Forceware control panel since texture filtering sucks by default in Guild Wars.