It will most likely run, but I recommend adding more RAM.. video card is not an issue and if the video card is not enough you can just turn off the transluscent aero effects. Make it at least 1 GB of RAM to improve your performance.
Yes it should. Mine's an AMD Athlon XP 2600+, GeForce4 MX440 and 512MB DDR and it works! No Aero though. And it's not exactly the fastest PC ever... But still, you gotta love it. I'd be agreeing on adding RAM though.