Can my setup support blue-ray?

I'm interested in getting an internal blue-ray player for my PC, but I'm not sure that I could get the full benefits of the upgrade. I don't want to spend the money and time installing it if it's not any better than a standard dvd.

Here's my setup:

AMD Athlon 63 X2 Dual Core Processor 5600+
EVGA NVIDIA Geforce 8600 GT 256 MB
2 GB RAM
LCD monitor with 3 ms response time
Running Windows XP Home Edition SP2
and other stuff that doesn't seem relevant to the topic

Are there any other factors I need to mention or is this enough to give the thumbs up or thumbs down? Should I get the blue-ray, or would it be a waste? What do I need to do to handle the upgrade?