Welcome to the forum.
It will probably run, but you might have problems with some of the Panels and how they display. If possible, I would bump the resolution of the video up to at least that stated minimum.
The best way to answer that is to download the trial version and try it.
Keep in mind that the minimum requirements were stated with DV in mind. Anything over that will require more horsepower. In addition, most notebooks have 1 single disk and with CS4 it was required to have a DEDICATED 7200 RPM disk. This has not been stated explicitly with CS5, but for anything like comfortable editing AT LEAST 2 7200 RPM disks are required, preferably 3 or more. All (e)SATA of course.