The hardware specs sound reasonable. You'll have to reinstall all software applications that you want to continue to use. You'll need your original installation discs to do this.

To see if your other hardware devices are compatible, visit:

http://www.microsoft.com/windows/compatibility/windows-7/en-us/default.aspx

I believe Windows 7 has a function to copy your data to your new system. You should have an external drive of some sort to hold your current data folders while organizing your new computer. I haven't done it, but would allow a couple of hours to get everything loaded and working on your new computer.

Good luck!