I have a similar acer laptop.. I think I've got a 160gb drive but the rest of the specs are the same.

Its got the power (the intel core 2 duo processor is awesome with audio applications) and it may not be the coolest looking laptop but it works great.

A few things that I'll suggest to you aside from the laptop...

1.) Soundcard
I recommend a USB audio device like the Edirol UA-25... any of the usb recording devices generally work as sound cards as well.  Just pick one with enough INs and OUTs for what you want to do. Make sure it uses ASIO audio drivers and has zero latency monitoring... not the crappy "Near" zero latency monitoring that m-audio offers.

2.) Hums and Buzzes
I'd pickup a Monster Audio Video PowerCenter AV 200 to clean the power to the laptop and also a little 50 cent adapter from home depot like this one... http://www.filmtools.com/grliadco41.html
Between both of those, you should be able to get rid of any power related hums or buzzes when plugging a laptop into an audio source.

3.) Lugging the gear to the Gig
Don't buy a laptop bag until you get your usb sound card and other gear, so you can make sure that it will all fit safely and securely.  Makes life so much easier ;-)

Another thing to note... the acer laptop that I had has two plastic tabs that latch the it when its closed... the break easily so take extra care when closing the screen.

I think pudd is talking about the Native Instruments Audio 8.  Its a great device, but its more money.  I have one, and it works really well. 

excellent, thanks guys. Very much appreciated.
It's nice to know specific names and what they're supposed to do.  I hate walking into things so blindly.
-m-