You might be able to get away with 2Gb ddr with only three wow instances, but I'd still advise the following.
quad CPU + 4Gb DDR + 8k+ geforce (pref 8800) and at least the GT type, preferably GTS or Ultra. It's doable with 2Gb but 4Gb will just feel smoothly.
I 5-box on one pc, 2,4 Ghz quad / 4Gb DDR3 and 8800 ultra enforce. Asus motherboard/graphic card (I always try to use the same brands as much as possible, Asus never failed me.) And it runs smooth, when I had 2Gb ddr it was still doable, even with 5 windows. But towns were nearly impossible to get through, I had to walk past AH one by one, now I do still experience some lag at some points, Auctionhouses, but at least I can get past with all 5 together, with some lag.
If you're looking for minimum requirements, 2Gb should be enough though. If you lag in towns doesn't mean you lag in instances/pvp, it's usually far better when it matters anyhow.

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