It depends.
My stock approach to the question:
Some games are graphics limited like fast action shooters.
Others are cpu core speed limited like strategy, sims, and mmo.
Multiplayer with many participants tend to like many threads.
You need to find out which.
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To help clarify your CPU/GPU options, run these two tests:
a) Run YOUR games, but lower your resolution and eye candy.
If your FPS increases, it indicates that your cpu is strong enough to drive a better graphics configuration.
If your FPS stays the same, you are likely more cpu limited.
b) Limit your cpu, either by reducing the OC, or, in windows power management, limit the maximum cpu% to something like...