Hd encoding: Old cpu with new video card?

Alright im currently using a 790fx(msi k9a2 plat) mobo with an older X2 4200 brsbane at 2.6Ghz. I use a 4850 gpu, so could i decode 1900x1080 in an .mkv thats encoded with h264 (if i have my numbers correct lol)

I am downloading a video being transferred to me from a freind over AIM and i simply unaware if my setup was ideal. I know if your using a 780g HD encoding is easy but anware for my chipset. Any help would be great.

Edit: Fixed spelling errors

P.S I simply wish to play the video -_- still downloading. Huge file. AC3 filter codec???