Default System Requirements for ROM Development?

I'm just gonna go out and say it. When it comes to ROM development, I'm a complete noob. However I learn extremely fast, and once I learn, I make amazing things.

I love Android. I love Android hacking. I love the utilization of custom ROMs. And now, I want to love ROM development.

But maybe my computer can't do it? Not sure. It's an Acer Aspire 5000 from 2006 currently running Windows 7 Ultimate and I keep it in safe mode to run faster. It has 512mb RAM I believe.

What are the system requirements of developing a ROM?