No, those aren't the minimum specs.
These are straight from Valve:
Minimum Requirements
* 1.2 GHz Processor
* 256MB RAM
* DirectX 7 level graphics card
* Windows 2000/XP/ME/98
Recommended System
* 2.4 GHz Processor
* 512MB RAM
* DirectX 9 level graphics card
* Windows 2000/XP
I personally am on a P4 2.8Ghz with 1GB RAM and a Radeon 9800 Pro 128MB version, and with the Catalyst 4.12 beta drivers, I get about 61FPS in the Counter-Strike Source video stress test. Used to get 56.
UPDATE YOUR DRIVERS, EVERYONE!