Problems with wireless router?

My wireless router for my house is continuously disconnecting. To relieve this I have to keep on unplugging it from the mains. Is there any way to alleviate this problem? There are three laptops, one iPhone, one iPod touch and one Playstation 3 connected to it, could this be the problem or could it be solved by purchasing a new router? I bought it around 6 or 7 years ago so could it be worn out? Is the best solution to this problem buying a new one altogether?

Added (1). Also, not only is it cutting out frequently, but it is running pretty slow the vast majority of the time.

Yes. I would purchase a new Dual Band Router. Linksys -or- NETGEAR perhaps. They will come with a limited time No charge Help with well trained technitians. Use this offer. ANd ask to setup the Router with WPA2-PSK [AES]Security Type. This Key will require a "Network Key"/"Pasphrase"/"WEP Key", using only CAPITOL LETTERS and numbers -or- lowercase letters and numbers using (13) charachters.
Build a strong Password. Check the strength here https://www.microsoft.com/...ecker.aspx
Enable SSID Broadcast.
Leave all other Settings alone.
With Dual Band Routers, setup both with same security settings for 2.4GHz and 5GHz
It is not neccesary to enable "Guest Network".
Whatever you decide to do, be sure to access the Router setup Page (online) and setup the Router and Configure the Router in this way.
Check and change the Settings at the Setup Page.
Be sure to wire the Router to the PC and have enabled the LAN (Local Area Network) to assure a solid connections when making any changes to any Router. After each change, be sure to "Save Settings" or "Apply".
Also, it is recommended to disable Wireless Networking while making any changes to any Router. The Wireless Network can interfere when enabled.

You've got a lot things running down the Wi-Fi. The best solution would be to connect your ps3 via ethernet chord. Buy another Wi-Fi router (preferably an N300. I wouldnt recommend a dual band one because some devices won't work properly with it) and have 2 laptops on one and the iProducts and additional laptop set up with the other one. Also, your type of internet speed will really affect just how much you can actually connect to it without it dropping so often. For this much stuff I'd suggest Comcast blast 50. Its like 70 a month, but worth it. (lol)

Sounds like your wireless router is getting tired. 6 or 7 years is good use. If this problem just starting happening without any configuration changes to your router odds are its just old.

Any wireless router will work for you. Keep in mind how far away your equipment is. You should be able to have more devices then that connected to your Wi-Fi without issue. On average, your Wi-Fi is producing a signal that allows 54 MB/s a second transmission. (Of course your bandwidth from service provider will only allow whatever you pay for when crossing the internet)

Here is cheap model.http://www.staples.com/Netgear-N300-Wireless-Router/product_746737?cid=PS:GooglePLAs:746737&KPID=746737

You want to invest in a router that is wireless N capable. N is the bees knees as far as Wi-Fi goes these days offering higher transfer rates and longer distances and is backward compatible with older devices that use the G standard.