That's a highly functioning computer to run mtm2
I still have an old P2-350 that can I use to still beat up on most guys on the mtm2 Hypercube Rumble (HEHE)
I was able to do so by reformatting the computer, making completely sure that each componant has the correct drivers, the motherboard and chipset updates a MUST!
Also looking at smaller things such as directX settings or updates, and in game sound/graphics options. Sometimes because the game doesn't work properly doesn't neccessarily mean your puter is a POC but just needs to be setup properly.
There is main graphic setting for mtm2 and that is to use your 3d acceleration option in graphics within the game. By looking at your graphics card 16mb well NO you will not be able to experience the game with full potential but if you have alittle more money go buy a 64mb AGP Nvidia Gefore card and that's all your system will need for a cheap upgrade. Or a Geforce4 6600 Ultra O/C card is my personal favourite right now $213 is what I paid for it.
I hope something I mentioned will help you get the game running properly and have fun with, and if you ever want to experience it online just email me, I'll round up some troops for a wild rumble.