No, it would be terriable for gaming. It only has 2gb of ram. For gaming you want at the very least 4gb of ram, but these days most games are calling for 8gb of ram. This laptop has a very basic graphic card. It is not dedicated which is what you want for gaming. It has about as basic of a processor as you can get and it's not even the best one out there as for as basic goes. For gaming you want at least an intel i5 or better.
If you want a laptop for gaming look at better Asus models or Lenovo. Good decent gaming laptops are going to be $650 if you get really lucky. Otherwise you're looking at $750 and up.
Update
Even on low settings this laptop will not run games. The only games it will be able to handle are the simple app games. You're going to be able to plays sims 3, call of duty, world of war craft or any new games. Game from windows 98 you'll be able to run, but nothing else.
The games will NOT run and the ones that manage to open up will lag extremely.
This my friend is about as low as you're going to get for a gaming laptop. It's open box, so that makes it even less. And open box is fine. That how I got my gaming laptop and it's amazing. If your parents can only affored 200-300 then perhaps you have been smart and have saved money. Otherwise see if you can get early Christmas.
http://www.newegg.com/...834231455R