No, it is below minimum requirements. The screen resolution is below minimum, so you can't see parts of the interface, meaning you will have to work in the blind, guessing at what options to choose. Second, PR requires at least two 7200 RPM SATA disks for editing anything but SD DV material.
If that laptop does not have a provision for additional fast internal hard drives, then forget about using that laptop for video editing. If that laptop has space inside for only one hard drive, and if the laptop has an eSATA port or a USB 3.0 port, you might be able to use an external hard drive (preferably one that does not have power-saving features that interfere with your workflow by powering down intermittently and unexpectedly). And even if you could fit in at least two hard drives inside the laptop, you will need an external monitor of at least 1600x900 (preferably 1920x1080) resolution for CS5.x to display properly. The requirement of an external monitor and/or external, separately powered hard drives, in your case, would completely defeat the purpose of that particular laptop, effectively turning it into a lower-spec desktop.
Some ideas for a Laptop Video Editing PC
-NOTE only 1 hard drive in above, so you will need to add a 2nd drive or use eSata for video files
-or Google "ASUS G74SX-BBK7" (without the quote "" marks)
-or another brand laptop with the following features
-the newer sandy bridge 2720 or 2820 quad processor
-and nvidia graphics preferably the 460m, 485m is a bit much
-1280x900 display with OpenGL 2.0-compatible graphics card
-and 8 or 16 gig ram and Win7 64bit Pro
-and 2 internal 7200 HDDs minimum