Sorry, at first I was going to say sure, just replace the motherboard, memory, CPU and power supply (typically proprietary in older Dells so junk them) and you should be ready to go for under $300. But I agree with Leon. As a BTX box, it is not worth trying. Nobody makes BTX motherboards anymore, any you find have been sitting around a couple of years.
Buy or build a new box. You can continue using all the peripherals that plug in to your current system saving some bucks. You can reuse your video card, SATA hard drive, DVD burner and floppy if you are happy with it. But the rest would make a good spare or server.
edit -- I quickly nuked the comment about the video card, because I had not really registered that you had something better than what came with the box. But Leon was too quick for me
(just like a professional -- didn't they make a sequel?), so I am adding this comment to explain where Leon's quote came from. You could definitely get by for a while with your current video card if money is a consideration.
Freedom's the Answer.
What's the Question?