sorry i'm a noob when it comes to hardware.
I asked myself the same question at some point, and what i did was to create 5 trial accounts and got my 5 lowbie toons to the most busy/laggy places i could think of.
Running to the silvermoon ah for example, or any other place you wish (obvisouly can't go to Dalaran with those accounts, but still)
If you notice a bit of lag with this simple testing, then you can probably conclude that your machine will be too weak when it comes to more demanding situations (pvp with lots of effects)
make sure you play with the video settings however.
as for 'other' software you will need something to pass your keys to all wows. Most people seem to use either ISBoxer($36/year), keyclone($20) or Autohot key (free), but check the wiki (lnk up top) to see which will match your needs best as they all are a bit different.
cheers
-Zub
PS. are you othe pandamonium from the wow youtube movies (cata beta etc). ?
if you are, grats! they are nice :-)
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