I have 1GB Ram and it loads slow but my game play is WAYY TOOO Smooth for 1GB ram. And @Professor not really. It's just because you have a better comp so you think it will lag. And my comp gets like 100 - 150 + FPS each game.
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He won't lag like crazy. I played on 1 GB for 2 years before upgrading. Loading screen will just take a while, and gameplay after about and hour or two will start to lag the computer. Other then that, turn your settings down to lowest and it'll run fine.
I have 4 gigs of ram and I get over 300 FPS at all times. But it all depends on everything your computer has. I have a FX-8120 and a GTX 570. You could probably take the money for that computer and build a cheap quadcore with 2+ gigs of ddr3 ram easily.