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I don't think a 1.1. ghz Athlon will manage HD PVR capabilities
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Depends if you go software or hardware. The software solutions require a powerful system to capture and play, but the hardware solutions like MyHD or HiDTV have the hardware on board. For instance, MyHD will easily work with your existing specs because it's just copying the HD stream to the hard drive (not a lot of overhead) and the MyHD card handles most of the processing during playback. In fact, if you use the SPDIF out on the card, you don't even need a sound card.
BTW, it's nice to have a 200 GB hard drive. HD streams are 9GB per hour.
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Standard definition, perhaps, but not HD
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Because the existing capture cards are software based, you will not be able to capture analog streams at 640 X 480 with your set up without wicked stuttering.