Depsite what minium req. people will tell you, your CPU is far too out dated to handle DVD stresming (i.e. playing) then for you to even consider to transcode, rip, burn etc.
Oddly you can buy a 1ghz cheaper than you paid for your DVD Writer & HDD, which is odd that you'd be investing all this money for a new HDD and DVD Writer and can't aford to buy an older AMD 1 ghtz!?