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Your system is more than adequate to run CS4 or Vegas for that matter. If you want to know more specific info go to: http://www.adobe.com/products/premiere/dvhdwrdb.html to see whether your specific hardware will support it. I’m not sure about Win7, but since it’s a ‘stripped down’ Vista it should work just fine. Just be aware you’ll have a funky time dealing with Adobe’s ‘FlexNet’ licensing and the User Account Controls in Win. Ultimately, you’ll just have to shut off UAC to have any peace.
The consumer versions of Adobe and Sony products are suitable if you don’t plan on doing any ‘heavy lifting’ with your editing projects. Simple to learn, simple controls, less expensive but much less powerful tools available.