I've got a laptop sitting here with a similar spec and its so slow its unbelievable. Its not mine by the way I would never have bought it.
I've just installed another gig of memory and am trying it now to see if it boosts it a bit because as it stands its a nightmare.
On the plus side the gig of laptop memory was only £17.03 from Crucial so if it does speed it up a good bit then perhaps the laptop won't be too bad for the money.
Got to be honest though even if the memory does the trick I still wouldn't buy something that low spec.