Each steam game has their own system requirements list. You can sign up for steam without buying anything and check these requirements prior to purchase.
Your particular system probably won't run recent 3D games very well. 2D "indie" games should be fine though. Is it a laptop or a desktop computer?
If it's a desktop, a recent budget-level graphics card upgrade will probably allow you to play things with graphics settings resembling something in between PS3 and PS4.
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