Rendering 1 hour video?

My pc is an HP touchsmart 310 w/windows 64 bit
4GB RAM
7200 RPM HD
amd athlon dual core 2.9Ghz
I usually render my videos flawlessly using an AVC/Mp4 Internet 1080p Preset.Will my computer be able to render about a 45 minute video?I will be doing intros and animated lettering(im doing a sweet 16)
I work most of the time producing/editing/filming music videos so most of my videos are around 5 Mins long.Do you think I would be able to render the video? I film with a canon T3i and I use sony vegas Pro 11 along with after effects to to make special effects and animations.

If not possible to render I wonder if its possible to get all of the video data and the VEG(Project file) and render it on my friends computer (Quad core/8GB RAM).He also has vegas pro 11.