Compaq Armada M700 Notebook is this a good deal?

I am getting myself a slightly used Compaq Armada M700 Notebook the specs are as follows

Processor: Intel Pentium III 700 MHz
Memory: 256 MBytes
Hard disc: Toshiba MK1214GAP 11.2 GBytes
DVDROM
FDD
14.1" TFT LCD SVGA
ATI Rage Mobility P AGP
Sound: ESS Maestro, 2 built-in speakers, microphone
Modem: integrated V.90 standard 56K fax/modem (ITU V.90, 56K data, 14.4K fax)
Network: 10/100 Intel Pro/100+ MiniPCI, Full Duplex supported
Integrated ports: 2 PCMCIA II slots, IrDA, PS/2 keyboard/mouse, COM, LPT, VGA, USB, TV-out
Keyboard: 102 keys
EasyPoint IV(TM) 3D Pointing Stick
Dimensions: 31.5X24.9X2.8 cm
Weight: 2.2 kg

I am getting it for 460 US$ and includes a carrying case, this is very first time i am getting myself a notebook due to circumstances i can't avoid and no i can't afford much my usage would be mainly to record voices using Sound Forge (for purpose of voice over) and to show clients demos (flash,director) and to store data outdoors (pictures and sounds mostly)

Do you people think this is a good deal?

looks like its right on the money to me,isnt a GREAT deal tho.
could save a $100 or so if ya catch the right deal.i picked mine up for $100 less than yours.
but was in oc.com classifieds.

I agree with it not being the best deal for here in the States. Im not sure what the market is like where you are. I picked up a dell with very similiar specs a few months ago for $300.

will this machine get the following done

1. run around 2-3 hours without hiccup

2. support the applications i stated?

my friend is literally screaming at me not to go for this one but to get a brand new Centrino based book on installments but you know how bank works they are taking their good time in evaluating my case (student, not working-they don't consider freelancer as working regardless of fact if you have even have 1,000$/month income, have fixed monthly income in form of house rent and registered tax payer) so they are going to take their time and there is no certainity if they will approve me loan application or not

Laptops in this part of world are very expensive for instance this laptop is costing me 30,000 in local currency and a typical laptop cost (good machine and specs like P4 2.4M, 256mb, CDRW/DVD Combo, 15" etc etc) cost around 80,000