Its half a Penryn, so yes Core 2 based.
You may get away with it but it won't last long, it'll be slowing down with newer software within a month or so.
Just remember you maybe saving money now, but in the long run you won't. Try and aim for atleast a Pentium Dual Core in a laptop!
Also why do you need a laptop? Most peoples excuses for needing one are poor at best, unless you need it for education/business purposes and need to take it everywhere, I won't waste my own money on something thats not upgradeable.
Some peoples excuses are because they don't have 'space' for a desktop! Everyone seems to think you need a desk these days. I'm sat here typing on wireless keyboard in front of my 32" LCD TV on my 'desktop' sat in a armchair, much better than any laptop and cost half the price (not including the TV).
At a push I'd say get a desktop for things at home, like the gaming and video encoding. And get a cheap netbook for the portable needs!
Just my 2 cents!
Craig