From the website (at the bottom) and looking at Workstation 7.0 it would appear that your processor is fast enough for the minimum recommendations. It is not listed as compatible, but that does not mean it will not work.
You can always contact them to ask.
* Standard x86-compatible or x86-64-compatible personal computer
* 733MHz or faster CPU minimum
* Compatible processors include the following:
Intel – Celeron, Pentium II, Pentium III, Pentium 4, Pentium M (including computers with Centrino mobile technology), Xeon(including “Prestonia”), Core, and Core 2 processors
* You need enough memory to run the host operating system, plus the memory required for each guest operating system and for applications on the host and guest. The minimum is 512MB (2GB is recommended). For memory requirements, see your guest operating system and application documentation.
* As of version 7.0 of Workstation, the total amount of memory you can assign to all virtual machines running on a single host is limited only by the amount of RAM on the host. The maximum amount of memory for each virtual machine is 8GB.