will the a newer processor work on this motherboard or will it be stuck with the series 1 & 2 versions of the socket?
It's complicated. A newer CPU can work on your board, but Intel doesn't want it to and they artificially limited support. There are ways of getting around it by modifying BIOS files and the CPU itself, but those workarounds are sketchy at best and not something I'd trust to work in a system I rely on.
Besides, 8th/9th gen hardware on the used marked is incredibly overpriced for what it is, so unless you already have a CPU or can get one from a friend for cheap it doesn't really make sense to buy them. Current gen gear will usually end up cheaper overall for the same performance tier, even factoring in that you have to buy a new motherboard at the same time.
7 minutes ago, ToastDog said:
Or should I just bite the bullet and do an all new build?
Definitely do a new motherboard/CPU, though without knowing everything else in the system it's not possible to say if everything else is worth saving or not.
1 minute ago, YoungBlade said:
as I said, it can brick your board if something goes wrong.
Not to mention that these almost always require you to modify the CPU itself by shorting two of the pins, but also not having the jumper you solder on being tall enough to the point where it would permanently bend pins in the socket. If something goes wrong, both the CPU and motherboard are dead.