Yes, it would.
System: 733MHz or equivalent
RAM: 128 MB
Video Memory: 32 MB
Hard Drive Space: 1300 MB
Other: 56Kbps modem or LAN for online network play
You'd probably get shit FPS though, and that's unrelated to your video memory. Onboard graphics are slooow, because they don't have their own RAM or processor. They use the time from your regular shit.
What he said.
Silly Ray, thinking the amount of video memory is why onboard graphics would be slow.