Sorry buddy it wont work. Your CPU is too far out of date, and your video card is too good either. You need at least a PIII 733 to play (according to min specs). You have enough RAM...ive played it on 256MB for a while. Its the CPU that needs upgrading, and also the video card.
Video card isn't THAT bad but damn your CPU is suffering. AA won't even install with those specs. Get a new processor and you should be able to run it, not good like you want it though, and with the graphics all the way down with low reso.
get a value computer from ibuypower or cyberpower, that's what i did. get a 64-bit processor, 1 gig memory, and maybe x800, that'll only cost about 850.