Please tell me the manufacturer and the model number. I just want to look up a couple of things.
At first glance, the memory may be a bit light. An i5 processor should be fine. You will want an external audio interface of some kind. You can look at a pretty sampling of what is available for those by going to
www.guitarcenter.com and looking at recording audio interfaces. These can be Fire Wire or USB, and range from around $100 to way more than that. A reasonable basic one can run around $150. Since you are using a laptop, I suggest a USB one, rather than a Fire Wire, due to a potential for hardware issues with some Fire Wire chip sets and devices, and you cannot easily remedy that with a laptop.
Anyways - whatever audio interfaces you are looking at, you MUST make sure they have drivers for Windows 7 64-bit operating systems.
I was going to just look up memory expansion potential for your laptop, once you told me what it is - more memory is better for you here. Memory strips for laptops are pretty cheap these days, and are most of the time as simple as unscrewing a panel on the bottom and sticking a new strip into an open slot.
Anyways, the above is a good starting point.
You can also download and install the X2 free trial to see if it would work for your computer. It gives you 30 days (I think) to play around with it - but for sure you would want an audio interface first.
Bob Bone