Yes-ish. On Low (mostly due to the vidcard being.. well, weak).

As for the memory, it checks shared memory as well. It's the same for me.

I doubt that you'll get any enjoyable framerates, whatever settings you choose. I don't think the video card has enough power for it - and the CPU is at the very lower limit of the minimum requirements as well.
You could rent or borrow it and give it a try, but I certainly wouldn't dare buying it full retail without checking first.

Thanks for the advice. I was hoping at a push I could play on medium.

It's a shame that there is no demo to test. Would buy it now if I could test :(