is this a acceptable spec to edit with adobe premiere 2.0?

AMD (Venice) Athlon 64Bit 3200+ Socket 939pin 512k L2cache

1GB PC3200 DDR400 ram

1 x 80gb ide HD
1 x 300 gb SATA HD

how important is the spec of the graphics card for home user video editing?

my machine has a basic 128mb graphics card

thanks