you might be able to get away with it, just the editor will be so slow you will want to throw it at the wall.
if this is your only option, an ssd and as much ram as it will handle will speed it up no end.
im using an asus laptop, i5 3337i, terrible graphics 720m, 12gb ram, ssd
when i had 4gb ram and hdd the editor was basically unusable even without any content.
the material editor in particular has heavy use of the hard drive, after an hour when id had enough of waiting (after connecting a single node or something simple) ctrl-alt-delete took a good 10 minutes or so to register.