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I have been toying with pcsx2 for a while now and can get alright FPS in most of the games i play(FFX, Colliseum road to freedom,Persona3fes,Persona4) to name a few
My graphix card is, how do i say this, TRASH! Nvidia geforce fx5200
and i was wondering what is the cheapest graphix card i could get that would help my frame rate

Intel pentium 4 dual core 2.8 ghz
1534mb ram DX 9 runnin on windows XP

It's a P4 HT. It can do 2 things at once, but it doesn't have 2 cores.
No a new GPU won't be enough, you will also need a new CPU.
Base on the fact that you have a P4, I think you might need to buy a new motherboard, RAM, and power supply if you are going to upgrade the CPU.
If you have enough money, buy a new system. It doesn't have to be top of the line. As long as it meets the recommended requirements, it will play most games at fullspeed or near fullspeed.
You could also buy a new GPU first (preferably a 8800GT or equivalent) and save some money to upgrade the rest of your PC later on. Just keep in mind that it won't be much of a gain, because PCSX2 depends more on CPU than GPU.