A faster CPU may help a little, but your GT 640 will be holding you back in most games. A decent graphics card will however require you to upgrade the PSU, and potentially the case as it doesn't look like it has all that much airflow so a faster card may run quite hot.
Newer Dells mostly tend to be standards compliant unless they're the really tiny ones, so I can't see anything stopping you from upgrading most parts.
An SSD will help your system feel much, much faster in terms of booting up, shutting down and loading programs and files, but won't help game performance. I'd recommend the Samsung 840 Pro, Crucial M4, or Plextor M5 series drives.