No, all Core i7 have hyperthreading. With hyperthreading on it does not mean that it has 8 cores either - it means that there is 8 logical cores which are something far different.
http://forums.anandtech.com/messageview ... id=2333650The performance benefit is typically very small.
If you don't believe me then compare a Pentium 4 with hyperthreading ON (2 logical cores, 1 physical), with a Pentium D (2 logical cores, 2 physical), in any multi-threaded benchmark.
I recommend the OP to get a new LGA1156 (Core i5 & Core i7 8xx series processors), 4gig of fast dual channel low voltage DDR3 RAM, and a nice motherboard. Oh, and a nice cooler to OC it. Then upgrade videocard to something like a Radeon 5850 / 5870.
If you have some more cash to burn get a X58 board and Core i7 950 series. I don't seem much of a point to getting the i7 920, it's about the same as the 860 but more expensive. and over clocks slightly better...