Hi
If you a going for 8.04, which is probably sensible, you now need to operate in a methodical fashion.
Install it, don't run from Live CD, and that will eliminate all the delays inherent in IDE seeks/reads from CD and possible memory shortages with no swap partition available and running from ramdisk.
You need to start reading
wiki.linuxcnc.org/cgi-bin/wiki.pl?action...&id=EmcKnowledgeBase
as a jumping off point.
Then do a long latency test as per the wiki.
Abuse the system, open several glxgears apps, move large files, download from the internet and move windows about with a mouse periodically.
Your quoted background figures don't appear brilliant going by the dmesg print, and the spike that triggered the error was only about 25% higher, but I am assuming that was running from CD so can't really tell.
wiki.linuxcnc.org/cgi-bin/wiki.pl?TroubleShooting
gives more detail on testing and common errors.
Once you have the latency test results and any other error messages that arise, should have a better idea if your computer is a candidate or paper weight.
regards