So, at the time this game was released my home lacked a computer but I still spent my entire allowance on gaming magazines. 
 
However. I've always wanted to play this game, and I made a half-hearted attempt at doing so a couple of years ago but that didn't go anywhere. 
 
So, is it to late for me or should I give it a try? If so, should I play it modded, which version etc? 

I never played it either.

too late no hope

" too late no hope "

I have fond memories of BG1 in its original form. I've heard great things about a new way to play through the game using the BG2 engine, but I can't speak to that personally. Of course, if you don't have BG2 that's not an option for you. 
 
I'd also recommend going the fighter route to start. Magic users will get absolutely trounced in the early parts of the game--it's much different in BG2 since you start at a higher level, so magic users are more feasible. Like the above poster says, the game is HARD. It's noticeably less so in the early parts (I'd say up through Nashkel) but there are a few significant difficulty spikes in individual fights during that part of the game, so be warned. Generally, don't explore too much until you've got a few levels and some ok gear. That'll make it less likely for you to be ripped apart by hobgoblins or knolls as you get used to the game.

" too late no hope "

Oh well. Thanks for the answers. Will at least try to put 10 hours or so into it soon and see if there truly is no hope. 

" too late no hope "

Get BG1Tutu like ArbitraryWater said. Makes BG1 a lot more playable and you can just stick with your class from level one. I'd also use the Baldurdash tweaks and fixes for BG2, like the new vendors and so on.

Here's a modding guide I found quite helpful.

" @ArbitraryWater:    And btw, even if I find BG1 to be unplayable, could I play 2 on it's own?  "

Play it - get the Tales of the Sword coast - play that and keep your character to play BG 2 and Throne of Bhaal... 
 
When you are rolling your character do not settle for less than a Dexterity 18 Strength 18 roll, as the other guys said go with a fighter or fighter cleric.  If you go cleric keep some points for wisdom otherwise max out constitution.  Save, save, save.  You will die a lot in this game as it starts you as a level 1 and a sewer rat can kill you with one hit.  Worth the effor thtough - brilliant story.

I seem to remember BG2 being easier than BG1, so weird as it may be, it might be better to start with that one anwayay.

No - start on 1 then keep your character for 2!