JPLeonhart, it is OK. You do not need to know much about programming, and everything you need (the compiler tools, also known as the toolchain) are provided for you. Seeing as how you are new, I might recommend asking yourself how patient you are. If you are patient, you can get Gentoo up and running perfectly on your hardware. I used Gentoo on an old Pentium laptop with only a mere 64 megabytes of RAM, so what you have will work. Big programs like KDE or GNOME (different Desktop Environments) will take a while to compile on that hardware, so if you plan on using one of those it would be best to compile overnight. However, there are other Desktops out there you can used, called Window Managers. These would take less time to compile and would eat less resources as well.
Emerges are what you do when you install a program. To install programs in Gentoo, you just type:
If you do decide to use Gentoo, just follow the official installation guide, it is available on the main page. It'll get you set up all the way. Then, from there, you can continue to learn the ins and outs of Gentoo, and Linux in particular. It will take a little time getting installed though. No more than a couple of days though. If you do not have that kind of time, you can always try one of the other Linux distributions, such as Red Hat, Suse, Debian, or Ubuntu. However, if you do have the time, I would highly recommend going with Gentoo. It enables you to learn a lot about Linux, and you are in full control.
Hope this helps you out, do not let the compiling or configuring of Gentoo scare you away from it. It is a fine distro in my opinion.