That should be okay, Damocles, in that it's above the minimum specs, but the game is a resource hog (not to mention it has -- or maybe had? -- a big memory hole) and will certainly use anything you can give it.  It works very well -- but not flawlessly -- on my Athlon 1.2/512mb/GeForce3 set-up, though big Realm battles cause terrible lag.
I really do think you should wait another month or two, but if you're really enthusiastic about getting it now, here's a wee bit of advice:  stick to Albion or Midgard.  Hibernia is very broken, and will cause you much grief and frustration (after the first 15 levels, at least).
If you have any other questions, just let me know by PM.  I'm pretty familiar with it (I played it a lot for the first six weeks) and can point you in the right directions.