'lo there Protz,
Depending on what GPU you have, it may not be worth folding on it at all. Any AMD/ATI card uses up a core of your CPU which means slower SMP folding. If it's an nVidia, it may be worth it, but you'd have to decide that.
If you do decide to fold on your GPU and CPU, then I believe you need to use a Windows install, using Client V7 for the GPU, and for best results, run a Linux VM for the SMP.
If you decide to not go with the GPU folding (You want it for your new rig, heat becomes an issue, etc) you can install a Native copy of Ubuntu (Here's a good place for it: http://linuxforge.net/docs/crunching/fah-native.php
) and let it go to the races (This is usually the most efficient option, and it usually doesn't hurt the wallet very bad via the electricity bill).
Some things I had trouble with when starting were "What does it take to get -bigadv work units?" -- The answer being that "Technically" you can't with an 8 core CPU. You have to use a core hack in order to activate -bigadv work units, and even then, you need a fairly OC'd CPU in order to complete them on time.
This is the guide I used to setup my dedicated folding rig. It works exceptionally well
Good luck, and happy folding!