Upgrade to Core 2???

[grady]

I have a Gateway 700XL (7/2002) - Intel Lexington 2 mobo w/ 2.53mh P4.

I have upgraded almost everything but the motherboard already.
Radeon 800X video card
2 SATA drives (RAID-0)
500 watt power supply etc.

I want to get one of the new Intel D975XBX Core 2.

motherboard Intel-d975xbx

What I need to know is -

Will this work?

And

What would be the best CPU to use with the new board?

Thanks...