Will my MC6 work better with higher computer specs?

Definitely upgrade OS to 7 or 8. MC6 is not supported on XP. Latency is primarily an audio interface issue which can be made worse by certain plug-ins. The computer resources limit the number of tracks and plug-ins you can use at a time. MC6 is based on the latest version of SONAR. Any plug-ins that run in your current installation should work fine in MC6.

The ASIO drivers has to come from the audio/interface manufacturer to use in whatever OS you are using (Operating System). Using ASIO4ALL may not be so good as a dedicated driver made for the audio/interface.
 
MC6 only records so fast, (meaning that it will not record tracks at 96kHz speed) only a better DAW will do that up to 192kHz (but I know no one that needs that fast of a speed to record in the first place either though). Although some audio/interface can record that fast persay, it takes a lot more megaBytes for one track vs. recording at the usually 44,100kHz or 48kHz speed which I suppose is about the speeds anyone uses anyway. Other than other Options with the better DAW included, MC 6 would be a kind of cut-down lite version of a full-fledge DAW like Sonar X2 or X1 Producer or Studio or something like that.
 
MC 6 Touch may be probably only used in Windows 8, and if trying to record with Windows 8, make sure you can get Drivers for the audio/interface in the first place. Firewire can have problems, and USB 2.0 is still about the USB connection interface although some manufacturers are making USB 3.0 work also but still probably only for USB 2.0.
 
Myself, I would rather use Windows 7, because now with Windows 8, Microsoft is going to include the Taskbar and Start thingy on the bottom again with Windows 8.1. I guess people did not like what Windows 8 was, nothing similiar to all the other OS's that have been made from Microsoft. Also you will have to read about that, and whatever it is Metro or whatever it is that Windows 8 booted into first, because people wanted like what was said, the same kind of Desktop Windows 7, XP, ME, 2000, 98, 95 had been.
 
 
 

Profrock - You will see a better performance improvement by upgrading your audio interface than in upgrading your computer.  That said, it is time to seriously consider an upgrade to Windows 7 or 8.

Performance will improve, latency will probably not be affected. Latency is a function of the audio interface and certain plug-ins. The CPU can play a role if you run at high sample rates and attempt extremely low latency settings. Some Cakewalk products provide a manual adjustment for the reported latency that can correct for audio interfaces misreporting their latency; http://forum.cakewalk.com/FindPost/2745971 describes the process. Hopefully MC6 allows for manual adjustment.

With MC 6, more RAM won't help since it's a 32-bit program and can only utilize 2-3 GB of RAM regardless of how much RAM the computer has.