Hmm, depends on what you want to do with it. If you just want to do productivity things (ex. surf the net, type, e-mail) then that isn't bad for that. If you're into gaming you'll probably find this system a little slow for newer games, but it will run most of them.
With regards to hardware for gaming:
Soundcard: The card you have is fine.
Graphics: The Radeon 9600se will still run most games, but it is getting a little outdated
Processor: Not bad, but not great. It meets the minimum requirements of most games, but there's not a lot of processing power behind that anymore.
Hard drive: Sufficient space for most people.
RAM: 512MB is just about sufficient to run most older games on XP, but anything newer isn't gonna run well.