Welcome aboard BP
Your processor is the same I'm currently using for GWX3.0
Your RAM should be at least 1GB and ideally 2GB
Your graphics provision is an even weaker link in the chain.
I'd get some more RAM (currently at it's cheapest in a good while right now) and possibly upgrade to a better graphics card (I suspect in your case an AGP) and again not terribly expensive.
Cheaper than a full new system anyway
