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Assuming you use Photoshop, you can theoretically get by on 192MB of RAM, but you won't enjoy it and you'll be restricted to low res images. Probably 500MB of RAM is the minimum you should consider.
Unfortunately image processing is computing intensive and doing things in 1-2 seconds is not really on. Have you tried the automatic processing in IP? Just set it up and go and have a cup of coffee.
Geoff
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