thats low spec nowadays...
My phone has the same amount of memory as your lappy, 40 gig in storage, better 3D graphics chip, longer battery life, more stable OS, and its a phone and camera to boot
if you want to make it run a lot faster particularly if it does have W7 ( the link you posted says XP ) then add another gig or 2 of RAM
1 gig is 25 quid , 2 gig is 47 quid from crucial, you may get it a little cheaper on the market etc