The best way to check if you can run it is to download the demo

Well, okay The integrated cards share system memory do they not? If so, you'll definitely need to turn down your graphics settings because 2gb isn't going to be enough to run it smoothly on high. The CPU is fine, so I think with tweaking the graphics down a bit it will do okay.

As a bonus, patch 1.1 is in beta testing right now and Ironclad optimized it even more towards lower-end machines and the feedback so far on that is quite positive, so chances are 1.1 will run better than how you'll get the demo/1.05 to run

I know the game does have some issues with below min spec graphics cards (transparent planets, few other graphics glitches), and to be honest I don't know how it will treat your integrated chip.

By those specs, it seems to be just older than the Intel x3100 chipset. In which case it should have the same variable memory usage; the tiny amount it uses in windows should expand to a more reasonable amount when it is running a game. (And by the way, overall performance is not so simple as just adding up the core speeds)

In any case, as others have noted, I'd advise trying the demo to see for yourself if it is acceptable.

I'd personally say your specs are just about fine. The Processor is quite similar to mine, I have as much ram, and I'm also using Vista. Oh, and it runs just about perfectly on everything being at their highest quality.
The only thing that I can suggest, is get yourself a decent graphic card, that's pretty much the only thing that'll really change the experience.

Mine is an Nvidia 328mb graphic card, and it really makes the game run like a charm, unless you want to run an anti-virus scan, listen to movies and download porn at the same time. Otherwise, it be beautiful!