http://reviews.cnet.com/laptops/dell-in
27907.html
there are the system specs.
from just looking at them I can say that it will handle audacity. probably virtual dub but very slowly. Not sure about axogon composer. I think that I used to run it (years back) when I was running on a P3 1ghz processor and if that was the case then this can certainly handle it. Not sure about monkeyjam, I've never used it. and is the pro9000 USB, if it is then see if you have a USB port. chances are, it will work.
now for upgrading it. don't waste your money. seriously. you'd have to get a new motherboard, processor, ram, and most likely hard drive. PLUS you'd have to figure out how to get them in a dell laptop case... its much much more economical to get a new one.
I'd give it a try first and if nothing else hang on to that system and use it as your script writing laptop. (even though it weighs like 8 pounds.)
being in college without a laptop sucks, take it from me, a simple word processing workhorse will do you wonders down the road.