Of course you can try and play it. I played PSX on a 333 mHz, so your computer should be able to handle it. (the raw power of yours makes up for the TNT2 I had I think ) Just don't expect to play it at high resolutions with pretty filtering. And configuring might be a bit more difficult. Though using the software plugin should help alot.
And like Techie said, you can always buy a cheap graphics card.