Personally I would say it will run it but don't expect amazing performance. The Graphics card supports shader 3 and can use up to 512MB of the main system memory, which meets requirements. The cores of your processor run at 2.2Ghz, the minimum is 2Ghz, although there is more that comes into it than clock speed...
If you can afford it, I would recommend getting something specced a bit higher, but if you can't afford it then it doesn't matter either way :P