No, the processor isn't good enough. You'll want a dual-core processor and preferably more RAM. Try Alienware.
The Compaq Presario CQ57 costs right around $400 if you buy it at Meijer or at Costco. A refurbished model of this computer is under $300 but there generally isn't a good warranty on refurbished computers.
My laptop is a: Compaq Presario CQ57-229WM 2048MB of RAM AMD C-50 Processor (2 CPU's) 1.00 GHz 64-Bit operating system, has windows 7 (32 and 64-Bit) AMD Radeon HD 6250 Graphics Card Realtek high definition audio sound card what's the best capture card for me?
With technology today, you can find a cheap laptop almost anywhere. Your best bet would be on websites like Overstock.com, techbargains.com, ebay.com, geeks.com
There are many options for laptops and there is no need to spend more than $400. Some good options include: Toshiba Satellite C655D-S5330, Samsung Series 5, Acer AS5733Z-4469, and Hewlett Packard HP Compaq CQ57-315NR Laptop.