The speed should be alright, but dont bother trying to host with that upload rate. the ping is high, so you might find some lag.
You can try cleaning the tips of your cable line (if its cable), removing any splitters and running a solid line from the drop to the modem, and placing all the networking equiptment away from other electronics.
On another note, I used to deal with a 1mb/256k cable connection. My ping was usually around 30-60ms, and it ran good. I didnt host, but I could play fine. People using the computer would make me lag sometimes, but if your just playing online with it...it should work fine, less the ping issue.
