Yep, your Spec is more than enough to handle DVD Ripping and Burning so that shouldnt be an issue.
Just to confirm what chas0039 Said,
Dvd Decrypter Just Rips The DVD to Hardrive. Reads and copies DVD info to HD thus such a quick time for completion.
It Does not Recode The Information to fit to a single layer DVD like CloneDVD thus Being Quicker.
In my experince 8 to 14 Mins to Rip/Rip and Recode. Then it takes an additional approx 8- 12 Mins to Burn to DVD thus total time to Rip and Burn in around 25mins. Which is about as quick as you are going to get.
Most DVDs Ive Backed Up have Taken Around 25Mins with or without Recoding/Compression using CloneDVD2 and AnyDVD.
27Mins-30Mins for just Ripping/Recoding the DVD with CloneDVD2 is TOO Long. If thats the Case then Try Complete Removal and then Reinstallation of the Software. I find that normally sorts issue out with Software.
Also make sure other DVD Copying Software is not running while using CloneDVD as Sometimes Conflicts can cause issues.