Well, theoretically, I believe your chip supports the necessary stuff. That doesn't mean it'll work, though.
As for your specs, the 1 GB RAM isn't bad. Post-driver update, if the game recognizes it as a compatible chip, you might be able to get into the Intel graphics utility and change the "Driver Footprint" to "High" to make your gaming go more smoothly. On a netbook, though, even with the proper settings, you'll need some seriously lightweight security software to go with it.
To that end, if you get it working, you might consider uninstalling everything related to security and then going back with, ESET NOD32 Antivirus
(excellent detection rate and very
lightweight... though ~$30/yr.) coupled with some sort of server blacklisting/inoculation tool such as SpywareBlaster
If you do manage to get things running and you decide to go with this security software, let me know and I can help you to tweak your Advanced ESET settings to keep it out of the way in the interest of speed while still keeping you protected.