Yeah, read the specifications of your hardware. Find out what LAN chip. sound and video chips are instralled on the machine. Should be listed online at the Acer product page or listed in the manual.
I think only Windows 7 Pro and Ultimate are capable of loading XP Mode Virtual machine. You mentioned you have Home premium so I don't think this will work with HP. XP installs within Windows 7. You take a bit of a performance hit, but perhaps think about upgrading to Windows 7 Pro or Ultimate. I use XP mode on some systems. It's free.http://www.microsoft.com/windows/virtual-pc/download.aspx