Solid State Drive or CPU & RAM?

Go CPU and RAM. For a video editing PC, CPU power is the most vital part. Your CPU and RAM are somewhat outdated, i'd definately upgrade them first. I'd go with your option 1, but 6 gb is slightly excessive in the RAM department. What OS are you running, as in, 32 bit or 64 bit? An SSD would not particularly help your system all that much anyway.