My PC specs are decent but my sound card is a VIA AC'97. Its pretty old but no problem playing midi. What are the requirements to run a DAW?
A DAW will run on pretty much anything, the soundcard is not a limiting factor in any way. I've done hundreds of recordings on an AC'97 motherboard with no problem at all.

It's RAM, processor clock, and hard disk speed that are the biggest factors, though you can record on almost anything provided you don't get too amibitious with effects and virtual instruments.