The latest version of Premiere is Premiere Pro 1.5. Your specs, although on the low side given today's rapidly moving technology, will be enought to edit video provided you have patience. You may well find that the real time preview is shruggish and rendering will take time.
You mention which motherboard is best for Premiere. Well the motherboard is just one component that makes up the PC and dependant on what processor you're going for. What is your budget assuming you're looking at buying a new PC.
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