Which setup is better? Help Quick!!!

[jdogg707]

Here is the dilemna that I am faced with, I am trying to upgrade my computer but am trying to figure out which setup would be better out of the two that I have narrowed it down to...I am looking to buy the parts tomorrow so I just want to know which would give me the best overall performance for games, everyday apps, and the ability to keep the platform and possibly upgrade in the future with it...

Current Specs:
Intel P4 2.26GHZ@2.72GHZ with Swiftech MCX478
Epox 4G4A+
128MB Leadtek TI4600 Graphics Card
Corsair XMS 512MB PC3200 DDR RAM
Sound Blaster Audigy
WD 120GB SE
Altec Lansing ATP3 2.1 Speakers

Upgrade Setup 1:
Intel P4 2.26GHZ@2.72GHZ with Swiftech MCX478
Gigabyte 8INXP Granite Bay Motherboard
ATI Radeon 9700 Pro 128MB Video Card
2 x Corsair 512MB PC3200 DDR RAM
Sound Blaster Audigy 2
WD 120GB SE
Altec Lansing 621 2.1 Speakers

Upgrade Setup 2:
AMD Athlon XP 2800+ with Swiftech MCX462
Asus A7N8X Nforce2 Motherboard
ATI Radeon 9700 Pro 128MB Video Card
2 x Corsair 512MB PC3200 DDR RAM
Sound Blaster Audigy 2
WD 120GB SE
Altec Lansing 621

Can I overclock the 2800+? Which platform is going to be faster? Which will give me the best platform to stay with for a little while? The costs are about the same after I sell some of the parts from my old system, so which one would be better? Thanks.