I had a laptop with a 2ghz processor, 512mb of ram, and a video card worse than yours, at 16mb. I could play, but if I turned my clip plane above 10 in newer zones, or panned my view around too much, I would blue screen quite easily. Keep in mind I also had old models on, and the lowest texture quality, no dynamic lighting, etc. I don't know how much of a difference 32mb will make, but I don't imagine you will be able to do it much more effectively than I did.
Thank God I got a new computer. <3 256mb GeForce 6800.
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Some people play tennis. Some collect stamps. Me? I erode the human soul.