I don't have an Acer netbook, or a netbook of any kind, so it's hard to say with 100% certainty.
However, Womble MPEG-VCR was programmed in the Intel Pentium III era, and does not do any complex tasks. It's simply stream copying segments, with minor re-encoding of a few frames at cuts. I'd honestly be surprised if a netbook was too underpowered to perform that task. I'd suggest that a web browser like Firefox or Chrome probably takes more RAM and CPU than Womble does!
I think you'll be fine.
Download and install the demo:
http://www.digitalfaq.com/forum/vide...-mpeg-vcr.html
Trying it is free, after all.