Ableton Forum

Hard to say as there are far more questions about what you would load up inside Live, how you would use it, what VSTs or other plugins you may like to use, etc...

There is never a clear "Yes it will be fine / no it will fail" answer with these.

As a starter I would suggest downloading the trial and testing things for yourself. An i5 2.7Ghz isn't a powerful system but again, depends what you want to throw at it really.

Yeah, I mean I was running Live on a core duo laptop with a 4200 RPM drive just for the music I was making like 12 years ago. So yes, you can definitely use that laptop to make music with Live, but obviously you can't just go crazy with all sorts of software instruments and effects like you could with something a bit more modern. Where your music making fits on that scale is hard to say, but as jestermgee said, the best way to try is to give the demo a go and see if you hit any limitations too soon for your music.