Yes, the hardware should be enogh to run this site, remeber to install a minimum installation and stop all not needed services. Install a php accelerator and enable querycache in mysql.
Be sure you cache all templates.
But, i will not recomand you this setup. One little bug can kill the server.
Why not use shared hosting from one of the hosting partners?
C3 1Ghz is probably similar to a 800 - 900 Mhz Pentuim 3, so while this will work it will probably be very slow on uncached pages and in the admin interface.
So take a good look at the 'eZ Publish Performance Optimization' articles..
