While it should work, it will be a 'little' laggy. However, that is just going by the original install. I (in a household of Sims players) know that once you start playing the computer version, the lets add stuff addiction kicks in.
Not just even the purchased things, but there are tons of sites out there to get both purchased and free things through. Our fav here in this house is modthesims.info. Fantastic site. However, this leads to longer load times, more drive space used, and more use of resources. So just take that into consideration.