Well your Processor can run the game for sure, the minimum specs for the game is an Intel Core 2 Duo 1.8 Ghz, you have enough ram to run the game, but your GPU is lacking as far as I can see as far as the video card benchmark website. According to the website you videocard is far below the minimum recommended. You might want to invest in a little more powerful video card if you can.
Actually no, GTA IV will run far from smoothly on that system; first of all, GTA IV is CPU hungry and will run best on a quad core. In this situation, the minimum accepted specs will get you nowhere because this game is a very bad port from the console and it's not optimized at all. A lot of people with really powerful specs are struggling to play that game at acceptable frame rates, that is above 30.
So no, you stand almost no chance at all to play that game smoothly, unless you drastically upgrade your CPU, GPU, and your RAM. Sorry to give you the bad news, but if you follow the dedicated thread for GTA IV as well as the rest of the posts concerning this game, you will see what I mean.