Prob not.
I run an pentium 4 overclocked to 4GHz, A Gforce 8600gt overclocked, sounblaster sound card, 3 Sata raptor drives, 2 gigs DDR2 mem, all of which with exception of Ram, is above that Gatway. Mines built up from one that is a model or two higher than that one to begin with, and although I get decent FPS with DX10, it's not without tradoffs such has zero AI air traffic, minimum ground traffic, tweaked autogen, very little weather, and minimal water (lowx2). Even then, some cities slow me to a crawl at times. This is after a fair performance boost from DX10.
That machine may, and I stress may, get your foot in the door, but you'll need to invest in aftermarket hardware to get it smooth with good fps. Even then, you won't be maxing out your settings. Alot of your settings will be low to medium. At that point you might has well be flying FS2004.
Well you're certainly not getting the best out of your machine then. While I don't run maxed out, FSX looks far better than FS9, with smooth gameplay (FPS in the low 20s), with a P4 3GHz, 1Gb DDR2, a slower hard drive (God knows what) and a GeForce 7600GT.
Tweaked, yes, but worth it.