Without knowing what the rest of the box is, my guess is that would be riding the bottom edge of the minimum specs. Assuming the processor is a P4 at 2ghz or comparable, the game would load, but you would have to run it at or really close to the lowest settings.
I ran this game pretty reasonably on a P4 2.0ghz/Nvidia 4200 (128mb)/1gb RAM/non-sata hard drive/XP box with all but a couple graphic settings all the way down. It was very stable and lag was only a major problem in the town of Bree.
Getting the RAM up to 1gb, if possible, would help immensely. The sweet spot for this game seems to be 2gb.
My guess would be that if the processor is up to minimum recommended spec speed, it would run it. But if you prefer the eye candy cranked, it may frustrate you.
Turbine says:
Retail Minimum Requirements:
Processor: Intel Pentium® 4 1.8 GHz or equivalent
Video: 64 MB NVIDIA® GeForce® 3 or ATI® Radeon® 8500
DirectX: DirectX® 9.0c
OS: Windows® XP
RAM: 512 MB
Disk Space: 7 GB available
Internet: 56kbps Modem
Optical Drive: 2x DVD-ROM
Recommended System Requirements:
Processor: Intel Pentium® 4 2.8 GHz or equivalent
Video: 128 MB NVIDIA® GeForce® FX 6800 or ATI® Radeon® X850
DirectX: DirectX® 9.0c
OS: Windows® XP / Vista
RAM: 1 GB
Disk Space: 10 GB available
Internet: Broadband DSL/Cable
Optical Drive: 2x DVD-ROM