Mmmmm Windows XP Home edition.... I would prefer Windows 2000, but why not. It is said it's a good OS...
For the CPU, as I told you, you will be able to work 2h or 1h30 with the batery, not more, and it makes a lot of noise. If you don't mind the noise, it's ok with a PIV. If you prefer a reduced noise, take a Centrino.
Take in mind that with this kind of souncard you will not have good connectors, and certainly a big latency.
Ok for the memory. No details for the hard drive.
I think it's not the more opimised for home recording in fact ;-)