Yes but it would run better with 64 bit version of Vista or Win 7 and 4-6 gigs of memory. Vista 32 bit to 64 bit is upgrade used to be available for about $30 from Microsoft. If you know some one who has the Vista 64 bit media I think you can just use that.
Have you thought about TS2010? There are a few improvements over TS2009 and it does have more content.