Yes, it runs. Sorry, let me rephrase that, it crawls like a snail that brakes before cornering.
Not enough memory, wrong video card, no second internal SATA 7200 disk, small display, a crippled G-Tech connection over eSATA, at least for G-Tech raids, etc.
I'm sorry to say this, but it would run even slower than an i3-2100 desktop with an equal amount of system RAM and integrated Intel HD Graphics 2000. Here are the reasons why:
1) That laptop is using only one stick of memory. As such, the memory controller is running only in single-channel. In addition, it has only 4GB total of RAM (but I think you misstated that it uses DDR2 memory when that RAM really is DDR3; none of the modern systems use DDR2 RAM any more).
2) The laptop is not equipped with an Nvidia GPU at all - and the GPU cannot be upgraded whatsoever. Thus, CS5.x will run only in MPE software-only mode, which can be as much as 10 to 20 times slower than the MPE GPU accelerated mode in renders. (And yes, in CS5.5, the slower timeline renders will also affect encoding performance somewhat.)
3) That laptop cannot accommodate multiple internal fast hard drives. Plus, since your Gtech drive is an external RAID, its RAID performance is limited by the single eSATA port that it's connected to, making it suitable only for aid0 arrays with no more than two disks. A RAID array with more than two disks will be bottlenecked by that single eSATA connection.
Thank you for the responses.