With that setup you might be able to play on the lowest settings with about 5 fps, even with a beefy graphics card, the processor would be bottlenecking the whole setup and elderscrolls 5 wants at least a quadcore to run at somewhat decent framerate.
Unless you want to upgrade the cpu, power supply, and graphics card. You will not be able to play at decent settings even at low.
Minimum System Requirements
* OS: Windows XP, Vista or Windows 7
* CPU: Core 2 Duo 2.0 GHz or Althon X2 2.0 GHz
* RAM: 3 GB
* HDD: 15 GB
* Graphics: 512 MB card
* Sound Card: DirectX 9 Compatible
* DirectX: Version 9.0c
Recommended System Requirements
* OS: Windows XP, Vista or Windows 7
* CPU: Core 2 Quad 3 GHz
* RAM: 3 GB
* HDD: 15 GB free disk space
* Graphics: 512 MB Graphics Memory
* Sound Card: DirectX 9 Compatible
* DirectX: Version 9.0c
Supported Graphics Cards:
Minimum – 8800 GT
Recommended – Geforce GTX 460/Radeon 5850