I doubt you can run very high, but you'll certainly run it.
As for multiplayer, you're better off with Crysis Wars (comes with Warhead) and it's still played, but if you're used to MW2 or BC2 it's quite a different experience
I have the exact same specs and i could play it on very high and 4x anti aliasing. Although i dont know what frames you find playable, i got about 20-25 fps which i find perfectly fine.