I have:

- AMD Athlon x64 5000+ @ 2.6ghz
- 2gb DDR2 RAM
- 256mb nVidia GeForce 8400 GS
- Windows XP Home Edition SP3 (Hope to replace with OSX)
- 80gb Hard Drive
- CD Drive
- DVD Drive (Not connected, perhaps there is a Distro which supports CDs)

Will it work, there will inevitably be a problem with the DVD drive as it isn't connected, but one thing at a time, will the other specs be ok?

Should work, did you tried already? just need to install a patched kernel like speedstep or voodoo and good luck ;D