CPU/GPU Recommend hardware upgrades for better ripping

[willarias]

Hello,
It's taking roughly 12+ hours to rip bluray disks at 1920x1080 in WMV format for streaming to my Xbox. I've set aside some money to do some hardware upgrades and was seeking advice on the best areas to focus on. Here's my current specs:
Operating System - MS Windows 7 Ultimate 64-bit SP1
CPU - Intel Core 2 Duo E6420 @ 2.13GHz
RAM - 4.00 GB Dual-Channel DDR2 @ 400MHz (5-5-5-12)
Motherboard - EVGA NF66 (Socket 775)
Graphics - 1024MB GeForce GTX 465 (EVGA)
Hard Drives - 1465GB Western Digital WDC WD15 SCSI Disk
Optical Drives - SAMSUNG DVDWBD SH-B083L SCSI CdRom

With $400 to $500 to spend, I'm looking at two different upgrade paths. Either I upgrade the CPU/Mobo or Video Card/System RAM.

Option 1: Intel Core i7-2600K Sandy Bridge 3.4GHz AND MSI P67A-GD65 (B3) LGA 1155 ATX Motherboard

Option 2: EVGA 025-P3-1579-AR GeForce GTX 570 (Fermi) HD 2560MB AND Kingston ValueRAM 4GB DDR2 SDRAM DDR2 400MHz

So what gives me the biggest bang for the buck? Any thoughts from the DVDFab community?
Thanks!

[maineman]

No contest.
Your cpu is, by far, the better bang for your buck.

[martythebrit]

CPU is the way to go, bear in mind that you'll need DDR3 memory in that motherboard.

[willarias]

Thanks. DDR2 was for the old mobo. I'm getting 8GB of DDR 1333 for the new mobo.

[martythebrit]

Just checking, Option 1 didn't have any memory listed...