That's a decent setup for Max Payne. As long as you don't put everything on max.
I used to run Max Payne fine on a
Pentium 3 800EB
512 MB SDRAM
Radeon 32 DDR
1024x768@32 bit with medium settings.
You would benefit most from a faster video card, but yours should do fine.
I even ran Max Payne on a V3, but had to lower quite a few settings.