You should be able to run a CD R/RW on that spec. You won't have inherent windows support for the new drive probably so you'll want a driver disc included with the drive (as well as burning software). There could be a hardware limitation - you need a power supply to the drive and a data cable. Unless your computer is very old or an oddity the motherboard should support an additional IDE device but you may need a new IDE cable to connect the drive and I would expect there to be a spare power cable or two from the power supply.
Once it's in you might find you can't take full advantage of it's highest write speed for instance if your existing drives don't read fast enough to supply data at the required rate - this would be most apparent when copying from CD to CD R - but from HDD to CD R should work fine.
You can get CD R/RW drives from about £35 upwards