Will this computer handle burning data blu-rays?

[darkimagesoflight]

I'm a photographer in need of a method of archiving huge quantities of image files.
A typical wedding I shoot is around 18GB's. I'm considering Blu-Ray as an option for archiving these files.
I have tried the Blu-Ray adviser, but for some reason it's not running properly.
That aside, I do have my computer also hooked up to my TV and if it will handle playback, that would be awesome... but would be a secondary purpose for the drive.
I seem to meet all the system requirements except for my processor... and it seems that opinions vary on if a processor of this age can handle it.
Upgrading my mobo (plus CPU, plus Ram...) is not an option at this time due to financial reasons.
P4 2.94Ghz (front bus speed - 532MHz... Memory Bus... 400MHz)
NVIDIA GTX260 (896MB DDR3)
2 Gigs of RAM
and if it matters... a Sound Blaster X-fi card
I'm running XP-SP3
Thoughts?