Yogi! Good to see you around man. We are mostly playing BF3 as Whoever said but a few of us play other game together now and again. Hope to see you around in TS or possibly in a game or 10.
Hell yes, i'll be pledging to that.
The main reason I'm going to love this card and get one asap is that it has 4 outputs on it like most higher end Nvidia/ATI cards but this can use all 4 at once without some weird setup. Great for me with two monitors, 1 HDTV and an extra hookup for testing the monitors I have been repairing.
It will run it but I can tell you from experience that an older video card might have some issues. I had an ATI 5870 and it was a bit sluggish, had to get up to a Nvidia 560ti to get it smooth. If you run on lower settings with a lower resolution you should be fine.
http://bf3blog.com/battlefield-3-system-requirements/
I'm guessing the Windows for your laptop is an OEM version that is tied to your laptop so it probably won't work. Is the copy of windows & you have on their retail? If it is it should have come with a disc for 64 bit or at least the key will work for both 32 and 64 bit versions.
Sorry to say but it is Toast.
That's actually a pretty kick ass system there sir. I would suggest getting some decent RAM in there though. You processor has a FSB of 1333 but the RAM you have is only 533? Get a kit like this, the board supports it as far as I can tell and it will help. Much faster, slightly higher CAS and twice the memory. You also might look at a newer video card since you can always bring that into a new machine as you can with this RAM when you do upgrade.
http://www.newegg.com/Product/Product.aspx?Item=N82E16820145261
Chances are your local smoke shop will have something similar and that's how I started as well.
United States 
