Re: looking to update this system
Your board has 16x 1.0a slots which are essentially the same speed as an 8x 2.0 slot. Most cards besides the 680 and 7970 will run fine on that actually.
If you want a newer board you will have to look for used or "new" P45 or X48 boards on Ebay or online that has 2.0 slots as retailers do not sell those boards anymore. Either that, or you have to upgrade entirely.
As was already said, if you want to purchase a newer GPU like a 560ti, 670, 7950 or whatever the card will run fine in your current slots, but you will need to upgrade your PSU. Actually, I advice on that either way.
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