You can see my computer set up in the top right hand corner.... I have a really bad motherboard to overclock and upgrade so im looking for a new one. The trick is i want to keep all my components and just swap out the motherboard. Can anyone tell me if that's possible with my set-up. And if it is could someone recommend a more suitable motherboard for my system.
My price range is roughly around $200.. any help is greatly appreciated

Ok, so you have an AM2 board and CPU
Tbh, gigabyte are cracking boards so no problems sticking with them.
If it were me though, i'd upgrade my cpu NOT my mobo.
With the F3 bios applied your mobo will take triple and quad core cpu's. That's a far better upgrade than buying a better mobo, as you'll see instant performance increase. No mobo will give you that. You may buy a super duper mobo, but if the cpu itself is locked or just not an easy clocker, as lot of AMD chips can be, then you''ll get next to no improvement for your money.
Look at the Phenom chips here and check that they will work in your board here, most will do.
Bear in mind that running AM2+ cpus on a AM2 board will work, but will drop your HT transfer down, although will still maintain your cpu frequency.
Then, when the time is right you can upgrade your mobo and still have a decent cpu to run with it.

Also, buying a new mobo will almost certainly mean a re-install of your operating system, and if you only have an oem version, then to maintain Microshaft licence agreement you'd need to buy a new os too.
Replacing the cpu should be fine.

Hope this helps.

Thank you so much for your thorough response Much help