Richie is right.  Python is not as fast as most other programming languages,
so good processors are a definite bonus.  1GHz shouldn't be too much of a
problem, but you could do well to upgrade it.  Likewise to the RAM--which is
probably the most cost-effective way to get better results.  Your graphics
card also isn't so impressive.  Personally, I recommend getting a new
computer, although if cost is very much an object, upgrade the RAM.

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