Ready to buy this Inspiron 15R setup for photo editing today-good choice?

I hope I'm in the right forum for this. I have searched online relentlessly for the past week for a Dell laptop to do my photo editing. I hope someone can help me with my decision because I don't know didly squat about computers. I currently have the Inspiron 6000 but is almost 5 yrs old now and starting to have problems. I priced this set up (see below) and with a today's sale price, student discount, external monitor and docking station, it comes in at $998.22 with tax/shipping. Will it be able to handle 2 open graphic programs at once? I use Lightroom 3 and I'm upgrading to Photoshop CS5. I really want both programs opened together. Is this a capable setup? My budget is $1000-$1200. Thanks for any help!

Dell Inspiron 15R specs from Dell cart

Operating System:Genuine Windows® 7 Home Premium, 64bit w/No Office Software
I have Microsoft Office 2003/2007 that I will install on new laptop

Memory + HDD: 4GB DDR3 Shared Dual Channel Memory + 500GB 5400RPM HDD

Video Card: Intel® HD Graphics (AMAUS) SKU: [320-1373]

Bluetooth: Dell Wireless 365 Internal Bluetooth (V2.1 + EDR)

Processor: New 2010 Intel® Core™ i3-370M (2.4GHz, 4Threads, 3M cache)

LCD Panel:15.6" High Definition (720p) LED Display with TrueLife™

CD ROM/DVD ROM: 8X CD/DVD Burner (Dual Layer DVD+/-R Drive) - w/ Roxio Burn 1.0

Network Card: Integrated 10/100 Network Card

Kensington SD400V USB Docking Station with VGA/DVI and Ethernet

Dell 23-inch Wide ST2320L Flat Panel Monitor


$998.22 with tax