The additional specs for the computer don't really tell us that much. The chip architecture is "sandy bridge", but a core i3 is not a high end CPU. You might be able to upgrade to an i5 or even i7 quad core on that motherboard, but you will run into issues with heat dissipation. Hotter processors might require more case fans. Not sure the Dell has the spots for additional fans. The 65 watt TDP rating of the processor is just how much heat the CPU can potentially generate, and thus, how much heat the cooling system is expected to dissipate. Moving to a higher end CPU might mean moving to a 95 watt TDP, and a bigger CPU cooler, and an additional case fan. Since you already have a 3.1 GHz CPU, this might not give you that much more performance in a game.
You could throw in an additional 4 Gigs of RAM as Aconan suggested, but if you currently never run out of physical memory now...it will have zero benefit. My system has 4 gigs, and unless I'm running Minecraft along with multiple other programs, like an image viewer, browser, TS, Libre Office, etc, I never even approach 90% physical memory utilized. Large amounts of RAM are definitely needed for things like video editing and photoshop (for large raw images) but its almost never needed just to play games. And, even if you did actually NEED the additional RAM, it won't speed up game performance that much, just loading times will be reduced a bit since the system doesn't need to swap physical memory pages out with virtual memory on the hard drive.
I really think your biggest bottleneck right now is your video card and your CPU. Since there could be upgrade issues with your CPU and the Dell box (they often have very proprietary motheboards with special CPU cooler attaching points and air tunnels), then your video card is the easiest and best 'bang for the buck' upgrade. Just look at this chart to that has your video card listed as dead last against these other average cards:
http://www.videocardbenchmark.net/gpu.php?gpu=GeForce+GT+420Its not only dead last, its less than a third of the speed of the next nearest card on the list.