Not a chance.
No offense intended, but that machine is probably ready to be thrown away, but it's not even the video card that would be the trouble... in windows 7 you can change your graphics settings and it would be fine. But your other hardware seems dreadful. 1.1ghz single core CPU would probably fry trying to run Windows7, even though Win7 is a very low-profile OS, when it comes to resources, but that just won't cut it. 30GB free HDD space,.. I suppose it would be ok, Win7 typically will use about 15-25GB depending on what features you install, and 1GB of RAM MIGHT cut it, but you should upgrade to at least 2-3GB, luckily upgrading RAM is a very simple task. So in theory, your video card would probably be able to cut it (not well, but it would probably work), but your CPU would be under insane stress, probably always running at 100% resources, it will get VERY hot, and very slow, and could risk burning out the whole motherboard.
I strongly recommend buying a new computer if possible, but if not, just stick with the OS you are using now, if it works for you.