It seems that my Wow is only using one core of my CPU. I have around 80-140 FPS in low populated areas with severe FPS drops when looking around rapidly.
Wotlk client doesn't use just 1 core but it can't use multiple cores efficiently. Addon and UI functionality is single threaded process so it can only effectively use 1 core. There are some addon and UI functions that have to be executed before every frame. When those are done, there is rendering, which is also mostly single-threaded in DirectX 9. It's not efficient at using multiple cores and there is nothing you can do about it.
But that alone should not cause low FPS. FPS drops could also be caused by addons. Or graphics drivers. I heard the new AMD graphics cards have issues with drivers but I don't know if they are related to performance. Have you updated your graphics drivers?