I don't have all the specs on my computer, but I can tell you that it is fairly outdated. What I'm trying to decide is whether I should upgrade this computer or buy a labtop (I prefer this except the cost YIKES). What do you all think? Should I? Shouldn't I?

I'd advise always keeping a desktop around. It's just soo much easier and you don't have to worry about batteries. If your lifestyle has you moving around alot though, I'd obviously recommend a laptop (I'm getting one in 1.5 yrs when I'm going to university.)
You could spend as little as $500 upgrading your old comp to a powerhouse. I've got an article in PCGamer where they simply get a new mobo, ram, processor and graphics card and bring its performance up over 300% (!)
I'd go for the upgrade cuz its cheaper, parts are easier to get, and you don't need to go to tech support each time something messes up inside.

I dont think anyone could put it better than Moose did... You have to pick the computer that fits your lifestyle

If your machine is really outdated, don't bother upgrading. Upgrading an older Baby AT to a modern ATX design means replacing not just the mobo and the cpu, but also the power supply, keyboard, and mouse. In many cases, it's simpler buying a new system and plugging your old monitor into it - and sometimes it's cost effective to buy a new monitor!

With prices the way they are, there's really no reason to have anything less than a 17" monitor.

hmm I don't know where u are from but check out the brand medion...
The have really nice systems for a vry nice price .. I got mine there aswell...

As for upgrading or not ... besides overclocking your board and adding some extra mem I wouldn't spend to much bucks on it ...

Get a new one ... or a nice second hand one .. All depends on what u are gonna do with the new system!@