Masscre, you're issue is mainly going to be your RAM. 384 is barely enough for a host OS TBH. The guest really doesn't need much, hell you can run UO on a Windows 98 image last I knew, but 384 is pretty low. The proc is probably fine, you wouldn't be able to run dozens of guests or anything but memory is key.
I would upgrade to a gig of cheap memory and give it a shot. You could probably pull two low-end guests with that host with a gig of memory, won't be great but it will work and will be a hell of a lot cheaper and more convenient then running three seperate physical devices!
XII