No, it is below system requirements. Look at the Adobe site for the requirements.
Yeah, I know what it says, but will my computer fail to execute the program at all or will it just work pretty slow?
I ask this because there probably will be people who tried this before, right?
Apart from mysterious errors, hangs and the like, it will function properly, albeit at a snail's pace. You are in for trouble if you go this way. The alternative is to get a better -non-notebook- system in PC format for that price or continue saving for a better MAC. If you want MACbook, count on a budget of $ 2 K +.