Does VLC support windows 95?
Not current versions.
http://www.videolan.org/vlc/download-windows.html
VLC currently supports Windows 2000 (SP4+UR1), XP, Vista and 7.
how much ram do I need to run the application?
Depends about what you do with it. QT4 interface with MP3 playback shouldn't take much memory (about 10-40 megs).
Does VLC support a x64 system(64-bit)?
All x86 Win32 programs should run on x64. We will add separate VLC x64 version once it is finished.
How much video ram do I need to run a video?
Again, this depends what you do. e.g DVD playback should work on 16 MB cards on small monitor.
how much cpu do i need to run VLC and/or audio/video(s)?
Again, this depends what you do.
Do I need a pentium 1?
IIRC VLC 1.2.0 will require SSE supported CPU, so P3 or Athlon XP.