I can create, record and mix songs using my favourite software comfortably on my Desktop PC which is Athlon 2600+, 1 Gig RAM. I use a lot of softsynths and effects per song.

What would be the laptop equivalent of my setup?

Centrino 1.4 GHz with 1 gig RAM? Or more, i.e. 1.6GHz or 2 GHz? I know the more the better, but Im on a budget so I need the minimum match for my DAW setup for now.

I have been told not to go the Pentium4 or AMD route in the laptop cos the heat generation often causes instability.