You could try it now, but chances are good you won't get a smooth recording. The issue is your CPU, which is a single-module "FX" and is exceptionally weak by today's standards. Even if it didn't have to handle the game at all, it probably couldn't encode 720P@60fps in real-time.
nVidia has a technology called "Shadowplay", which allows the video card to do the work of encoding, causing it to have close to zero impact on your CPU. However, you need a GTX 6xx GPU at minimum for this. The cheapest/best way to get this is probably to buy something like a GTX 750 Ti or 1050.