Well, my HP laptop has got 2.8 Ghz with 1.25 Gig and Ati mobility 9000 card. But, as far as I know, X300 is much better than mine. So, don't worry, all the latest games will run smoothly on your pc.
I wouldn't say they will run smoothly - at least not on high quality. It should run all current gen games at low to medium settings. I have a Mobility 9700 and it can run FEAR at 800x600 with medium settings.
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