If you add a second 7200 disk over eSATA or USB3, you can edit simple codecs like DV and HDV. It is underpowered for AVCHD or DSLR material. Even with simple codecs, it will be slower than molasses in winter.
Provided of course that it meets resolution requirements of 900+ vertical resolution, and it does not. So, no it will not work.
I do not know the screen size needed for CS3/CS4 but the notes below may help
Some ideas for a Laptop Video Editing PC from past discussions
-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)
For effective HD video editing, a laptop with the following
-the newer Intel 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
Unfortunately, that laptop cannot display CS3 or CS4 properly: Some of the critical (and necessary) portions of the work area will be cut off by the monitor's very low vertical resolution and cannot be retrieved unless you get something with a much higher vertical display resolution. In fact, all versions of Premiere Pro require a minimum display resolution of 1280x1024 or 1280x900 in order for the work area to display properly.
CS3 requires a minimum vertical monitor resolution of 1024 pixels (based on the minimum required display resolution of 1280x1024). CS4 has exactly the same minimum display resolution requirement as CS5 or CS5.5.
What this all means is that the laptop in question can only run Premiere Pro correctly if an external monitor of at least 1600x900 resolution is connected to it via the D-Sub (VGA) output. This will completely defeat the purpose of a laptop, which is the ability to run apps on the move or in an area without AC mains power.