Games are typically more affected by the speed of the graphics card rather than the CPU so your best bet is to get a newer video card. See - http://www.macvidcards.com
While some i7 chips may fit the same socket used in the MacPro5,1 that you have I have not heard of anyone doing this successfully, it is therefore not believed possible although this maybe down to people not willing to gamble with the considerable cost of a suitable i7 chip. It is possible to fit a faster Xeon chip as mentioned by The Hatter, I did this myself to my own dual processor MacPro. It is also possible but extremely expensive to trade-in your single CPU processor tray for a dual-processor tray.
Note: For what its worth the official designation for the CPU socket type used in the classic Mac Pro is a LGA1366 aka FCLGA1366 aka Socket B. As an example the i7-960 also uses this socket type. It is my understanding that the i7 does not support dual CPU configurations and that this is only possible with Xeon chips although some Xeon chips are also only usable in single CPU boards. I believe Xeon chips beginning with a W are single CPU only, and those beginning with an X are dual CPU cable. My Mac Pro therefore has two X5675 chips and I would guess yours has one W3530.
Warning: Some people advertise dual CPU trays on eBay as being for a MacPro5,1 but sometimes they are cheating and they are from a MacPro4,1 which has had the 5,1 firmware installed, as a result they are not fully compatible with a real MacPro5,1.
The following link lists most of the possible CPU upgrade permutations for your Mac although you may find these upgrades cheaper elsewhere. See - https://eshop.macsales.com/shop/turnkey/MacPro/2010_Xeon_Processor this is a well trusted reseller of Mac upgrades.