Will this run new games on (Very)/High?

I'm getting some upgrades for the newest games and I was wondering if this would be able to run games like Crysis, Bioshock, CoD4 etc. on high or very high with a decent fps (25+).
1280x1024 Anti-aliasing is nice but not necessary. I'm using XP.

I don't know much about computer parts (Higher the number the better, right?).
But here they are, copied and pasted.

Video Card: XFX PV-T88P-YDF4 Geforce 8800GT, 512MB GDDR3, PCI Express, Dual DVI, Fansink, 600/1800mhz.

CPU: AMD ATHLON 64 X2 Dual-Core 4800+ (2.5GHz/2x512KB/AM2/65W) [Not sure if the processor is good enough but it has to be around that price]

RAM: OCZ 2GB (2x1GB Kit) EL DDR2 PC-6400, 800mhz, XTC Heatspreader, Revision2, CL 4-4-4-15

Motherboard: Asus M2N-SLI Deluxe NF 570 SLI, 4 DDR2 800/667/533, 2 SLI PCIE, ATA 133*1, 6 * SATAII, 2 FW1394, 8 Channel Audio, 2 GB LAN Marvel, 3 PCI, 10x USB

Thanks for the help guys, I couldn't think of where else to ask

On a completely different note, if I just took those 4 parts out of my computer and replaced them with the 4 mentioned above, would XP still work, would I need to buy a new copy of XP or reinstall it or anything?

Simple answer, no. Changing the CPU and the motherboard will remove your activation on windows, and require you to re-activate. In addition if you are using an OEM copy of Windows and have had it for a while you may have problems activating it as the MS rep you will end up talking to (OEM copies will only re-activate on the original machine you installed them on, anything else and you have to speak to a microsoft bod) is going to need persuading to reset your key, this might not be easy as changing all of the parts you mentioned you are pretty much building a new pc and reusing some of the parts from your old one. Were I you I would be tempted (if you cann afford) to pick up a new OEM copy of XP at the same time as some of your parts.

As to whether it will run the latest games at top settings, I should thing it would, if not top settings, pretty good ones.

Wol

Yes it can run new games on high, but don't expect too much from crysis. i guess you can expect to run that decent on medium. (noone except for insane sli combo's can run in highest settings.)
Btw, intel core2quad is the way to go imo. A64 is getting old.

So if I just bought a new XP, replaced those 4 parts, then turned on the computer, would I just need to install the new XP and everything will be cool?

Is the current processor good enough for new games though? What a64 should I be looking at?

Thanks for the help guys, you really are awesome.

Its okay, but I wouldn't call it "future-proof." I think its a solid processor, its certainly "good enough," though there's lots of benchmarks out there putting Intel's Core 2's ahead of comparable AMD 64's nowadays. You could probably do better with one of those. If I were to build a new computer today it would certainly include an Intel CPU, whereas just a year or two ago I would've gone with AMD without question.

In my opinion, all of the games you mentioned should run very nicely on that system. Crysis is iffy if you want the highest highest settings, but I've gotten Bioshock, Crysis (kinda), and CoD4 to run reasonably well at Medium-high settings on a much weaker system than that.

Thanks a lot!

And for my last question, I'm going to be backing up my important files on a DVD before wiping my old hard drive.
How do I go about wiping it? I have other computers in my house as well as an external hard drive thing if that helps.

Reformat the drive.

Swap the AMD out for an Intel Core2Duo. Intel is the future.