Is this a good gaming laptop?

HP Envy 14

Operating system Genuine Windows 7 Home Premium 64-bit

Processor Intel(R) Core(TM) i5-560M Dual Core Processor (2.66 GHz, 3MB L3 Cache) with Turbo Boost up to 3.2GHz

Graphics card 1GB DDR3 ATI Mobility Radeon(TM) HD 5650 switchable graphics [HDMI] - For Dual Core Processors

Memory 4GB DDR3 System Memory (1 Dimm)

Hard drive 500GB 7200RPM Hard Drive with HP ProtectSmart Hard Drive
Protection

Office software $40 OFF! Microsoft(R) Office Home and Student 2010

Primary battery 8 Cell Lithium Ion Battery (standard) - Up to 6.0 hours of battery life +++

Display 14.5" diagonal High Definition HP BrightView Infinity LED Display (1366x768)

Primary optical drive SuperMulti 8X DVD+/-R/RW with Double Layer Support

Personalization HP TrueVision HD Webcam and Dual Digital Integrated Microphones

Networking Intel 802.11a/b/g/n WLAN and Bluetooth(R)

Keyboard Backlit Keyboard

Included Software Bundle Adobe(R) Photoshop(R) Elements 8 & Adobe Premiere(R) Elements 8

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So is this a good gaming laptop? I'm mostly going to play League of Legends, Terraria, Minecraft, and some other games with League of Legends needing the best specs.

If there is a better and/or cheaper choice, please let me know.

Oh and do i need to:
-Have an i5-560 processor or is a i5-480 the good enough?
-Upgrade my hard drive to 640GB? I won't need much memory though.
-Should i upgrade my memory to 6GB DDR3 (2 Dimm)

Thanks in advance,
Ace