What would you do with this system and very little geekness?

I am a student and I have a $1000 budget to upgrade my Dell Precision T5400. What would you do?
Here is what the computer has now. It's 300gb only one harddrive is red-lining, almost full.
I want to run Premiere Pro CS5 and AfterEffects. Those are the classes I want to take.
Although as soon as CS6 shows, I will upgrade to that.
Windows Vista 64bit
Dell Precision, T5400 Mini-Tower Quad Core Xeon Proc E5420, 2.50GHZ, 2x6MB L2 Cache, 1333MHz
nVidia Quadro FX1700 512mb dual DVI Graphics Card
320GB SATA 3.0Gb/s, 7200RPM HardDrive with 8MB DataBurst Cache, Dell Precision T7400/5400
C1 All SATA Hard Drive Non-Raid for 1 hard drive
Mini-Tower chassis configuration, Dell Precision T3400
I am trying to decide to go buy another computer ($3000 budget for that) or try to upgrade
this one ($1000 budget for that).
What is good here and what needs replacing? I have never built a system.

I agree with some of the above comments, but not all.
First, 24GB of RAM is a nice luxury option, but it's not the minimum for AE - come on RJL you know better than to say that. 16 would be more than enough for a student project. I run a business, and it's more than enough for me. 16GB is affordable. It's about $150.00 max.
The Quadro card is over priced, and undervalued. Something like the Nvidia GTX570, 580,590 starting at about $335.00 is Adobe Authorized, and lots of performance.
Now, I'm running a 6 core AMD, but most people will tell you an Intel system is better. According to the benchmark, it seems correct. Get a nice i7 chip. What ever you can afford.
Motherboard. Look to spend in the $220 range. Gigybyte makes a nice one, so does Asus.
Hard drives, one of the better things you need to consider. A 2-4 disk RAID 0 - say 4X1TB, or if that's too much $$ then 4X500GB for less than $400 would be your best investment with a 500GB system drive.
Case count on $100 with enough fans, card reader,
DVD burner $70.00etc.
So, if you looked at it my way. Here is your parts list from Newegg. You will toss another $100 or so in cables and fans, etc.
Motherboard: ASUS P8P67 DELUXE (REV 3.0) LGA 1155 Intel P67 SATA 6Gb/s USB 3.0 ATX Intel Motherboard with UEFI BIOS: $209.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16813131701)
Processor:Intel Core i7-2600K Sandy Bridge 3.4GHz (3.8GHz Turbo Boost) LGA 1155 95W Quad-Core Desktop Processor Intel HD Graphics 3000 BX80623I72600K: $320.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16819115070)
RAM:G.SKILL Ripjaws X Series 16GB (4 x 4GB) 240-Pin DDR3 SDRAM DDR3 2133 (PC3 17000) Desktop Memory Model F3-17000CL11Q-16GBXL:$150.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16820231473)
NVidia GTX570: EVGA 012-P3-1571-KR GeForce GTX 570 HD w/Display-Port (Fermi) 1280MB 320-bit GDDR5 PCI Express 2.0 x16 HDCP Ready SLI Support Video Card: $340.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16814130613)
HARD DRIVES (5): HITACHI Deskstar 7K1000.D HDS721010DLE630 (0F13180) 1TB 7200 RPM 32MB Cache SATA 6.0Gb/s 3.5" Internal Hard Drive -Bare Drive. $130 EACH OR $650.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16822145533)
CASE: Antec Nine Hundred Black Steel ATX Mid Tower Computer Case: $100.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16811129021)
POWER SUPPLY: Antec EarthWatts Series EA-750 Green 750W ATX12V v2.3 SLI Certified CrossFire Certified 80 PLUS BRONZE Certified Active PFC Continuous Power Supply: $100.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16817371051)
BLURAY BURNER: LG Black 12X BD-R 2X BD-RE 16X DVD+R 12X DVD-RAM 10X BD-ROM 4MB Cache SATA Internal 12X Super Multi Blue with 3D Playback Blu-ray Disc Rewriter WH12LS38 LightScribe Support - OEM: $70.00
(http://www.newegg.com/Product/Product.aspx?Item=N82E16827136239)
TOTAL: $1,939.00
You can upgrade your current operating system to atleast windows 7 - 64 bit home. You could even choose to use the DVD drive out of your existing computer.
Someone in your rea will build a system like this for you for somewhere around $125.00 if you can't do it, but looking on YouTube can give you a step by step.
I trust this helps.
Goodluck

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