Mobo any good?

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The E7300 is a dandy choice, no question about it.

I don't know what your cash situation is, but you might also consider looking at this CPU; http://www.newegg.com/Product/Product.aspx?Item=N82E16819116072 This would leave you with some cash for a couple sticks of RAM.

Gigabyte has a couple of boards within your price range, you might want to investigate, if only to satisfy yourself that you shopped your best. here is one of Gigabyte's G31 offerings; http://www.newegg.com/Product/Product.aspx?Item=N82E16813128357
If you're serious about "light gaming", you might not even need to overclock.

In the case of G31 Intel chipsets, you might want to check you board's website, to verify whether the shipping BIOS is ready for 45nm CPUs.
 
I have two sticks of G Skill PC6200 already so memory is not an issue at the moment. I just want something that can run the newest games not at max but playable. My monitor only has a max resolution of 1024X768 if I might add.
 
Working on the premise of 1024 X 768 resolution either CPU would serve you well. This is a situation that could change, obviously, beings as 19' WS LCDs can be had found for $100.00 from time to time. Those screens are 1440 x 900. If you're comfotable spending the extra money, by all means treat yourself to the E7300.
 
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