The CPU often determines the minum framerate, while the GPU will determine the resolution.
I had an AXP 1800+ and saw no difference between a GF3 Ti200 and R9700pro in Halo. Even @ 640x480 my CPU was too slow.
However, I saw a huge improvement in Call of Duty.
Now I have an A64 3200+ with an X800XL, and Halo runs great @ 1024x768 (or 1280x1024 can't remember now). I haven't played CoD on my new computer, but WoW is also very smooth @ 1600x1200.
I would say that if you don't care too much about resolution (for me 1280x1024 is nice, but I don't care about anything higher) then good CPU and a mid range graphics card (6600GT) would work very well.
If you want fast everything with high rez, then you'll need both.
I think an A64 3200+ or P4 3.2 would be fine for pretty much all games out there now.
Then you can get a video card based on the resolutions you like.
-D'oh!