(Near) identical pc's, huge FPS difference

Uhm just use HWMonitor and play. Then check the max clockspeeds.
Or just use CPU-Z and look at the bottom left at clocks.
It should run at max boost speed when you play.
Are you running 2 Monitors? Than it is easy to check at the same time, or just remove the max background fps and tab out.

HWMonitor can show the current and max frequency like Kiyuki mentioned. In addition to just using WoW you can also use some benchmark tool to test CPU and see how it works.

For example AIDA64 has a trial version you can use and it also has stability tests for CPU, memory etc.

Warning: the stability test uses CPU/memory/etc heavily so if there are any underlaying hardware issues it is possible for it to crash/lock the computer.

Hmm, just had HWMonitor (had it installed still it seems) up when WoW was up-and-running.

Clock speeds seem fine (going up and down):
Clock Speed 0 3805.92 MHz (Core #0)
Clock Speed 1 3605.60 MHz (Core #1)
Clock Speed 2 2904.51 MHz (Core #2)
Clock Speed 3 3204.98 MHz (Core #3)
Clock Speed 4 2604.05 MHz (Core #4)
Clock Speed 5 2604.05 MHz (Core #5)

The CPU Utilization seems all over the place though (with mostly just low numbers). So it feels like clock speed is fine, but it’s still not putting a high load on it.

That’s normal for WoW’s old engine. It can’t use more than 2 threads properly.
Does your CPU clock down from 3800Mhz while playing?

You should check in the BIOS if all core turbo is on. While you are there you might as well overclock your CPU a bit. Make use of that K CPU.