It works fine on 1Gb of Ram.
1 to 15 in about 30 minutes..... YEAH RIGHT! More like level 5
You can normally get through the first 20 level with in about 24 hours of game play. This is provided that you are not trying to work on your professions. But after that, it then takes longer per level.
With the assistance of (a good) guild and guilds, you can normally get up to level 60 in about 350 hours of game play. Like if you really want to level up quickly, do not waste your time on instances as the XP is dead slow on those.