System information:

http://ubuntuone.com/4xmbaaoevQLGyj5tNHH0u6

Yes.

That's all I can say, as I haven't tried the game. But you should be fine with that configuration.

Hard to say.

Going by the minimum specs on the Steam storefront page, your graphics chipset is going to be a real bottleneck. The game specifies 512MB video memory as a minimum, and your HD 3200 is using 256MB of system memory. The HD 3200 is not exactly a speed demon either, and your processor speed is a touch below the min. requirements.

The rest of your system seems fine, but its always hard to tell on the basis of minimum requirements alone.

About the 512 MB RAM on the GPU. I read that the developers set that limit just because they didn't test the game on 256 MB RAM.

Worth noting a lot of indie games, due to limited ability to test, will often times have requirements that don' t really match up. First glance though, I'd say no. Hopefully they'll offer a demo.
Oh I googled around and found this: A Hardware Test. It's techniclly a build for the game, but has no gameplay and is mainly meant to let you know how well you run things. This is an older build so the game will be slightly better optimized when release: http://www.grimrock.net/forum/viewtopic.php?f=12&t=400

That's quite possible - 512MB RAM does seem atrociously high. But if you buy the game knowing that your system is under the support specs, and it plays like a snail after several puffs of some very potent weed, then you're on your own.