Is FCP X 10.1.1 hanging because of hardware?

I'm weighing the value of upgrading my machine because FCP X is constantly hanging—more than once per 5 minutes—and I'm at a loss what to do. Is this just because I have older (Mid-2010) Xeon processors? Could there be other hardware issues contributing to this? If I can get more life out of this one, that would be great. In that case, please share any troubleshooting next steps. On the other hand, if I'm being unrealistic to try to keep this machine alive, please tell me so—and why.

My projects are stored on the boot disk, an internal 3rd-party SSD. I'm running a high-powered albeit older machine with the latest version of FCP X and OS X. Hardware specs below.

I've submitted feedback to Apple's development team.

Thanks!

Nathan

Detailed system information:

Model Mac Pro Mid 2010

Processor 2 x 2.4 GHz Quad-Core Intel Xeon [8-Core]

Memory 16 GB 1066 MHz DDR3 ECC

Graphics ATI Radeon HD 5770 1024 MB

Software OS X 10.9.3

Storage Physical Drive:

Media Name: Crucial_CT480M500SSD1 Media

Medium Type: SSD

Protocol: SATA

Internal: Yes

Partition Map Type: GPT (GUID Partition Table)

S.M.A.R.T. Status: Verified