False, this is a Pentium D, not a Core2. It might bottleneck a little bit, but if the game is multi-threaded then it shouldn't really be a problem.
I'll tell you this though, when i upgraded from an AMD 3500+ (was a top single core) to the X2 4200+, single threaded applications such as counterstrike and day of defeat only gained 0-15fps. The only reason why a gain occurred is because the program only uses 50% of each processor to take advantage of double the L2 cache and because the rest of the CPU was there to do the idle window's tasks. The 4200+ is exactly two 3500+'s on one chip (2.2Ghz, 128k L1, 512K L2 per core).
So really, in older games it will be playing with a Pentium 4 2.66Ghz with an 8800GT.