Yes, you should be very fine. Again you have 4 gigs of RAM and since you have a 64 bit OS it will take advantage of all fours gigs which is a good thing.
Second, you have N-wireless which is the fatest avaliable for wireless connection.
You have a SATA harddrive that has 320 gig harddrive. You can load a lot of software.
Think of it this way, you can: watch and burn DVDs, surf the net, do all kinds of online research, edit videos and pictures, do office work with Word, etc. enabling you to do school work, -- many things
You should even be able to play a number of games with it not just the demanding games.
* Honestly, let the laptop survive beyond 2 years.
And begin right now saving for a gaming PC. Save around $1,500 and by the time you are ready to build you'll be able to get some excellent hardware that at this point we can't even dream of.
* You should get excellent help and building your own PC is fun, challenging, and a nice personal accomplishment.