will it work?

For what?

I dare say that it will owrk rather poorly. jabo's Direct3D6 is probably your only choice as far as graphics plugins are concerned.

Since you didn't give any info about your processor speed, I can't say anything about the speed of emulation.

I've got a 64mb card too (geforce 4 mx 420). I got an extra 512mb, totalling 728 DDR. I wasn't a project64 user at that time, but chankast runs way better with more RAM. My next computer upgrade is going to be a new video card most likely, and I suggest the same for you, but you can get RAM for pretty cheap. I got the 512mb for $25, and you can get a low-end video card (128mb and way better than what I have now) for $50.

My motherboard is the same as yours, but I have 512 of RAM
PJ64 works very good, the only thing is that you may not use other video plugins rather than the default ones, but as long as you can see colors...