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I say that it should run as there are some known problems.
Beyond having between 256 and 384MB of RAM, you need to check for a new driver for your video card.
Office XP, IE6 and DirectX 9 can all cause some problems if you are running an older video card.
If your video card manufacture offers a DirectX 9 compatible driver, you should be all set.
Otherwise, you may want / need to upgrade your video card as part of moving to Office XP.