I'm aware the card is old. I bought the entire rig for $50 and I don't need Ultra graphics to be happy.
I know something isn't working properly from my tests on "can you run it". My laptop with factory default specs "fails" the test for a game I play and runs it smoothly on minimum graphics. My rig is only a little bit short of "optimal" yet can only run on minimum graphics.
You should be able to run just fine.
I have the equivalent setup of yours right now and I can run pretty much anything fine with min settings or more.
Try resetting the BIOS, and turn off anything that is power saving like intel speedstep and stuff like that.