Malarkey, although i have a good system i understand your plight.
I have an Athlon 500, 256 RAM, GeForce2 Pro. But still my sytems chokes on MOH. Crazy.
Progress has to go on. But we can be smart with what we get. There are other games out there that will still provide you fun with out the lag problems.
For example Hidden & Dangerous (H&D), H&D2(release summer 2002), Battlefield 1942 (BF1942, release summer 2002 from EA). These games that I know about can be played over 56k very well. I played H&D with my friend on 56k and he was 5000 miles away. If you play locally then it's even better. H&D can be bought for less than $20. It has Coop play with up to 4 players.
H&D2 I think is Coop with up to 6 players.
BF1942 is like MOH but with more action with lots of vehicles (Planes, bombers, tanks,Battleships, Carriers, APCs, AA guns, Submarines) and Coop with 4 players, 64player MP. The one unique thing about Bf though is that nothing is scripted. Its all AI based so each time you play a mission the enemy and the friendlies will do different things, so its got great replay-ability(is that a word?). But then that might eat some CPU cycles off your system.

Both of these games are WWII based and are/will be lots of fun.
MOH is good, but the lack of Coop (provided from developer), Lag (I have DSL), and how graphics intensive it seems to be for what its showing, turns me off a bit. I still play the single player, but it has not turned out the way I had expected it to be.
Anyhow good luck man. BTW a buddy of mine, in London, loved gaming so much that he stopped smoking and drinking and used his new found wealth for games and hardware. just an example of if there is a will there is a way (other than steeling).
good luck.