According to Ubuntu's offical site the minimum system requirements are as listed below:
1. A 700 MHz processor
2. At least 512 MiB of RAM
3. 5 GB of hard-drive space or USB space depending on what you are installing to (In my expirence at least 16 GB is better if you plan to store your own files and programs on it)
4. VGA capable of 1024x768 screen resolution
5. Either a CD/DVD drive or a USB port for the installer media
6. The site recomends internet access
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Ubuntu 10.04:
CPU - 1 GHz
RAM - 512 MB
Storage - 5 GB
Monitor Resolution - 1024x768