As long as the horizontal resolution of the movie is less than 704 (i.e 640, 512, 352) you should be fine with your system. Just kill all other apps running in the background and set the CPU usage slider to 0.
I haven't heard of 3ivX, but DivX is just the MS MPEG-4 codecs with 4 bytes hacked. The MS implementation of MPEG-4 is decent and seems to beat most other implementations. However, one that it does NOT beat (IMHO) is Apple's implementation, which is actually the latest version of QuickTime (but probably with their own tweaks). Anyways I got a 640x480 movie trailer that only gave me 9% CPU usage on a P3-800 and it looked GREAT. Or it could just be QT has some better encoders.
Anyways it's possible that if an open source group comes out with their own MPEG-4 codec, it could be better than Microsoft's, but that would certainly render all current "DivX" files unplayable because they depend on the MS codec, and wouldn't be able to play on anything else without utilizing "DivX" code - which as I said before, is a hack of Microsoft-owned DLLs.
It seems as if MSFT is completely ignoring the DivX trend, probably because it doesn't intrude on any of their core businesses, but if they wanted to, they could file a lawsuit against Gej and everyone else involved in DivX. (The same way Fraunhofer is going after everyone who makes MP3 encoders, saying that THEIR code is in EVERY mp3 encoder, since they effectively invented it - or so they claim).