Impossibity

[DouglasDC-3]

Momboard:Gigabyte 880 GMA UD2H (Ver 1.1 or 1.2 ?)
CPU:ATI ATHLON II X2 250
RAM:2GB Corsair 1333MHz
GPU:Onboard, Ati Readeon HD 4250 (256 MBs of RAM goes to it)
Windows 8.1 64 Bit
Possible ?
I Just want to play Wave Race Blue Storm in original FPS and resolution (Or maybe 1024X768/1280x1024)

[ExtremeDude2]

Probably not, I'm not sure how demanding this game is.

[Helios]

I'm not even sure you can launch Dolphin on that hardware. Let alone run it at full speed (hell no)

Your GPU claims to support D3D 10.1 so... maybe on the D3D11 backend? I'm not actually sure how many D3D11 exclusive features we use.

[EblfIYH]

CPU: Don't expect good performance.
RAM: Okay.
GPU: It's even worse than a modern integrated intel (That are quite slow).
And, doesn't support D3D11...
OS: Of course

However, you can try by yourself. PROBABLY it will run, but very slow...
But as ExtremeDude said, not sure how demanding it is.