Can i play following games?

Yes - with low settings.
No
Probably on very low settings
Hardly
maybe the first two on very low settings

What graphics card is it? There are many cards with that memory, some as being cards like the 7900gs which is a good card and some really poor like the FX5200. I'm assuming you have an AGP system? I'd upgrade the ram, windows 7 will thank you for it. If you can get about 3 gigs Cod 4, 5 and maybe modern warfare 2 will run ok on medium low (you might be able to max out cod 4 at a lower res). Shift 1 will run at lower settings and so will assassin's creed. You have no chance in running The Run it requires a far faster dual core CPU and a DX10 GPU to run due to it using Frostbite 2 (the same engine that powers BF3). Tbh the run is pretty mediocre from what I've heard Most Wanted is far better and will run on your PC very well

your not wrong about the run... its the worst version of need for speed since porche unleashed its only marginally better because you dont have to race porches. most wanted still stands out. followed by underground, hot persiute, then underground 2, and shift 2 are worth playing in that order.
with the setup you have your best off sticking to games pre 2007. if your card is a 66gt or better. if its the old 5200 you will still be able to play some games as it definatly punched above its weight but not by a huge amount. 1 of the best games you are likely to find and get to work well will be fear 1. also try max payne 1and 2, grim fandango and deus ex 1. homeworld is a good space eco battle game if you can find them... check out good old games.com for tiltles that should work on your system. $5-$10 per game is a bargain for whats on there.

My GPU is ATI Radeon HD 2400 Pro i have bought it before 2-3 months ago. Are you guys sure that i can play call of duty gta 4 and assassins creed on low settings. If i can please tell me!!!

After all my friend is isn't wrong you guys can help!!!

gta 4 is a no no it needs a quad core to run smooth. call of duty 4 and mw3 should run fine. assasins creed i think needs a dual core minimum.
http://www.youtube.com/embed/vlGfdRiXBgE cod4 running on a similar setup