Yep, I'm currently using it on my mini right now.
Here is what i found. It should, but Sims 3 might be your best bet on medium or low quality.
Yes however depending on ram it may lag (possibly really bad)
I don't have a myspace, but i do have a facebook. I do have to say facebook works pretty well on mine.
No
go for the 13" white macbook instead!.. . its got and has everything you will need in a laptop as a student.
If it has enough space
Yes it will work on that particular computer
Any number of SATA-1 drives will work. My Inspiron 1501 has a Fujitus 120-GB.
Any that are USB.
Yes, it will.
No it does not work that way