you will do good with that setup. but, just to make sure that we can help you get the best out of your system, could you let us know your budget and which parts you will get from your friend and which you will buy new
consier windows 8 . Lots of small improvements . And a much better license that means you can transfer it from one pc to another and not have to buy a new OS which you do with 7 oem.
Make sure its 64 bit