Start with $1.2m
Less approx 41% for Federal and state income taxes: $780,000
Less the standard 33% of the original settlement ($396K) for your lawyer's contingency fees leaves you $384,000
So $384K at 8% from a nice, conservative money market gives you $30,720 a year. While the principal can't be taxed any more, since you paid it once already. You will still have to pay income tax on your earnings. So $18,432 a year to take home, or $1,536 a month.
So YES! - Buy yourself a computer! But you better not quit your day job.