Yes, certainly. I just upgraded to an 4850e myself, but my old single core p4 2.8 could do it too. Try CoreAVC codec for video decoding, it is rather efficient. The only thing I would do with your system is upgrade to windows XP, but that's just me. Turning off everything you can may help too (background processes, services), it did me -- just ghost first before getting too carried away.
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