I've already played through this on 360 and I desperately want to play on PC but I don't know how well it's going to run. Here are my specs.
 
ATI Radeon 2400 HD
2GB Ram
Windows Vista 32-bit
Intel Dual Core 2.2Ghz
 
 
I know I meet the minimum requirements. Does this mean I'll have to drop the graphics down to low or something?

Yeah, you're definitely not going to be running the game in all of its visual splendor. Graphics or no, however, it's a great game and you should go and pick it up.

You can also just download the demo for Mass Effect 2 and find out for yourself.  They're basically the same requirements.

 http://www.systemrequirementslab.com/cyri

You can run it OK just fiddle with the settings a bit. I'd suggest a lower resolution to start. You upgrade to something a lot better for $50 or less.

if you got a better video card it should be fine

You won't be able to run it on max settings, but you should be able to run it. 

I'm curious what's with the sudden outburst of interest in running pc games today?  
 
I think you will have alot of slowdowns, that videocard is trash. Maybe you should replace it, your cpu is going to cause bottlenecks. Think slowdowns all the time unless you turn down some of the settings.