This is well below the minimum system requirements for current versions so I don't think it will run them that well, though older versions wouldn't be an issue (I ran 1.6.4 on a computer with less than half the CPU and GPU ratings and a 32 bit OS without any issues as long as I reduced memory allocation to 512 MB (due to "out of memory" issues due to running out of 32 bit process space, though only on Far render distance), including with extensive world generation mods, such as 3 times the ground depth and gigantic caves and trees, albeit my own non-Forge mods are far more optimized than most mods, even now only using 200-300 MB):
That said, I often see people with issues in Support who have computers which are worse and claim that the game ran "fine" until whatever issue they had; of course, "fine" might mean 20-30 FPS to one person while another would want stutter-free performance capped at Vsync (as I play with). You also have to consider OS support of drivers (the GPU is over 10 years old according to the "first benchmarked" date, with the CPU nearly as old).
I played on a laptop spec'ed similarly and the experience was not that enjoyable. 20 fps was my average and that was in areas that didn't need a lot of power. I had the render distance on 2 and used Optifine.