Can I Run Resident Evil 5 With These Specs

Here's the specs for the game

• Supported OS: Windows® XP, Windows Vista™ or Windows 7
• Processor: Intel Pentium D Processor or better, AMD Athlon64 X2 or better
• Memory: Windows XP: 512 MB, Windows Vista: 1 GB
• Graphics: Minimum Requirement - 256 MB VRAM, NVIDIA GeForce 6800 series or ATI Radeon HD 2400 Pro; Recommended - 512 MB or more VRAM, NVIDIA GeForce 9800 series or better, or ATI Radeon HD 4800 series or better
• Display: Minimum 800 x 600 pixel resolution
• Sound: DirectSound Compatible (DirectX 9.0c or higher)
• DirectX®: DirectX 9.0c / Shader 3.0
• Hard Drive: 8 GB free hard drive space
• Peripherals: Keyboard and mouse, controller supported

I don't understand how to know which ATI cards or processors are better. I have an ATI Radeon HD 4550 and a 2.27 GHz Intel Core i3 CPU. Will it run ok?

You should be okay, you won't be running it at max settings but it should run without trouble.
the HD4550 you have is a newer model than the
hd 2400 pro they recommend (higher number = newer)
you have a i series intel chip, it puts a Pentium d to shame.

Ok thanks