Hmm... well, a couple things.
1) That AMD processor will work, but you won't get great results if you're planning on using a bunch of DX effects. If you don't know what I'm talking about, don't worry yet...you'll know when you need a better processor (e.g. Intel Celeron, PII, or PIII).
2) Integrated sound is sends chills through many of our bones around here. "Integrated" means that the "soundcard", for all intents and purposes, is right on the motherboard (as opposed to a seperate card). Typically integrated soundcards are of very poor quality as they are designed for cheap, entry level PC's where great audio isn't really a big deal. Problems usually start to arise when you decide to get a better soundcard. Either a) you'll need a way to disable the onboard sound via the bios or jumpers or b) you can't disable for "real" so you disable it via windows & cross your fingers or c) you run with two sound"cards" and cross your fingers.
You'll know almost immediately whether your soundcard will be adequate. Signs of a horrible soundcard are a) noise floors above -65db b) horrible dynamic response...either you'll get too much signal or not enough, but nothing in between c) dull crappy sound due to poor frequency response d) distortion, crackling, etc.
If it works, great. If it doesn't work then decent consumer grade cards for recording are the SB Live!, SB PCI128, Ensoniq AudioPCI. These are "ok" cards for $20 - 80. "Prosumer" cards with good AD converters, DSP processing, and multiple inputs/outputs can be had for $250 into the 1000's.
BTW, to find out which soundcard (or audio chipset) you have, right click on My Computer and select Properties. Then choose Device Manager and select Sound Video and Game Adapters and write down all the numbers you see there. If you see ESSxxxx or CSxxxx you might be SOL.
3) The hard drive will be a big bottleneck and will dictate how many tracks you can work with at once. A UDMA/33 5400RPM drive is adequate but an ATA/66 7200RPM drive is better.
BLAH. I'm just rambling some things you might need to consider down the road.
Right now, get yourself a decent microphone or two for your acoustic and a decent preamp since you seem to have access to them. Then plug the output of the preamp into the LINE IN port on your soundcard (using whatever adapters you need to...they all exist). In your soundcard's mixer (or the windows recording/volume control) make sure that LINE IN is selected and the volume is up. (BTW, watch the output of that preamp at first so you don't overload the soundcard).
Note that your soundcard only has one Line In port, but it is stereo. With a Y-adapter or mixing board (pan hard right & hard left), you can record two individual tracks at once. Set your software to record in stereo, then split the stereo track when you're done recording. (this is a better option than using a mixing board and recording both microphones to one track because you'll have the ability to modify each microphone's track)
Good luck. Just be logical about things and don't do anything you're not comfortable with. Getting things plugged in right is trivial compared to the bigger picture
Slackmaster 2000