with half a gigabyte of ram, i'm surprised you haven't decided to beat yourself to death with a steel pipe from the painfully slow speed. i certainly agree. more ram would be a pretty good idea. it may also be your graphics chip. some chips aren't able to render graphics terribly well or quickly. so that might also pose a problem in terms of how fast you can process photo editor related things. image and video programs tend to eat up lots of memory, graphics, and processing power. so you'll want to make sure that you're well stocked with all three.
and as for the label, as far as i can tell, it tells you the type of processor and the operating system. an AMD athlon processor and running windows XP. that's my best guess. but there's a far more detailed list inside the computer. you just have to navigate to it.
why not have a go at it? here's something to try:
Click Start. Click Run, and in the space provided, type "dxdiag" without the quotes and hit Enter. It will most likely ask you some question after you do this. It's not life threatening, so just click yes, and it will bring you a list of your computer's specifications.
more specifically, it should deliver the following:
Current Date/Time
Computer Name
Operating System
Language
System Manufacturer
System Model
BIOS
Processor
Memory
Page File
DirectX Version
Some computers aren't as detailed, but generally you get a list like this. Understanding what it all says is pretty straight forward. Feel free to post it and ask any other questions if you like.