Actually if you look at the minimum specifications for Elite; a CPU upgrade might well be what the OP needs...
So you could look at the wonderful Ebay and see about picking up an AMD Phenom x4 (make sure it is a socket AM2+) for about £40. Your GPU should be okay if you are willing to turn down the details.
Building a new machine would be better but I wouldn't discount being able to play it with a bit of an upgrade.
I'm not sure what you are talking about with the comment about Graphics instructions...that has me confused.
I consider buying 6-7 year old used CPU for £40 - insane. It has no warranty, its condition is unknown and CPU lifecycle is usually 10 years, which might be decreased if overclocked at higher voltage then recommended.
And actually if you look at the minimal specs for the GPU and compare them OP's GPU you will easily notice that OP's GPU does not satisfy them.
GTX260, which is listed in minimal requirements:
GPU Engine Specs
CUDA Cores - 192
Graphics Clock (MHz) - 576MHz
Processor Clock (MHz) - 1242MHz
Texture Fill Rate (billion/sec) - 36.9
Memory Specs
Memory Clock - 999MHz
Standard Memory Config - 896MB
Memory Interface Width - 448-bit
Memory Bandwidth (GB/sec) - 111.1
GT630 G3
GPU Engine Specs
CUDA Cores - 96
Graphics Clock (MHz) - 700MHz
Processor Clock (MHz) - 1400MHz
Texture Fill Rate (billion/sec) - 11.2
Memory Specs
Memory Clock - 800-900MHz
Standard Memory Config - 1024MB
Memory Interface Width - 128-bit
Memory Bandwidth (GB/sec) - 25.6-28.8
GT630 G5
GPU Engine Specs
CUDA Cores - 96
Graphics Clock (MHz) - 810MHz
Processor Clock (MHz) - 1620MHz
Texture Fill Rate (billion/sec) - 13.0
Memory Specs
Memory Clock - 1600MHz
Standard Memory Config - 1024MB
Memory Interface Width - 128-bit
Memory Bandwidth (GB/sec) - 51.2
GT630 (Kepler)
GPU Engine Specs
CUDA Cores - 384
Graphics Clock (MHz) - 902MHz
Processor Clock (MHz) - 1804MHz
Texture Fill Rate (billion/sec) - 14.4
Memory Specs
Memory Clock - 900MHz
Standard Memory Config - 2048MB
Memory Interface Width - 64-bit
Memory Bandwidth (GB/sec) - 14.4
