FPS, cooling, pc upgrading n other stuff, help plz!

[SunbakedDuck]

Hey, so i bought this PC and when im running wow on ultra graphics my fps is only 60 and that sorta sucks....
Im just gonna copy/paste the specs

Processor Intel® Core™ i7-860 Processor2 2.8GHz with Turbo Boost3 Technology up to 3.46GHz (8MB Smart Cache)
Operating System Genuine Windows® 7 Home Premium (64-bit)
Memory 8GB DDR3 Dual-Channel 1333MHz Memory (4 x 2048MB)
Memory Capacity 4 DDR3 Slots Total (0 Slots Available)
Hard Drive 1TB SATA hard drive (Green Product - variable RPM)
Video ATI Radeon™ HD5770 Graphics card with 1GB of Discrete Video Memory
Power Supply 500W Power Supply

Should i post anything else?
So my question is ...What can i upgrade so i can have higher fps playing with ultra?Atm i play with low settings simply cus i get 200 fps and that feels good..Like no lag ftw;p
Also , id like to replace my current fan or add another one if possible so my pc would be more silent cus i hate the noise of this fan when im playing on ultra..Its like going nuts
And was this pc worth 1.2k $$$? or i got ripped off ?Lol
This pc is a "Gateway® FX6840-03e" so you can google if u need any more info..
Thank you guys!

[Cilraaz]

Hey, so i bought this PC and when im running wow on ultra graphics my fps is only 60 and that sorta sucks....

You have VSync enabled, which is keeping your framerate locked to your monitor's refresh rate. Anything over 60fps would be useless, since your monitor couldn't display them anyway.

[Nellah]

You have VSync enabled, which is keeping your framerate locked to your monitor's refresh rate. Anything over 60fps would be useless, since your monitor couldn't display them anyway.

He's getting 200+ FPS at low settings; I imagine Ultra is with shadows on full, too, OP? Turn the shadows down one notch and FPS will rocket.

The HD5770 card may be bottlenecking some places too, it's a generation old midrange card. What resolution are you running?

(And $1200 for that computer, if you bought it within the last two or three months, was a pretty bad price IMO. If it came with a monitor it's better, but still not great.)