Yes you can, install should take a very long time, and on initial boot, your PC will be tested for performance, a bunch of features will be deactivated automatically. From the info you posted you should still have a sluggish performance tho. The main factor that you didn't mention is if you are using an integrated graphics card or some AGP card ??, this would make a major difference on what performance to expect. Nevertheless, it will install and run for sure.