2006 Macbook wants to upgrade to Mountain lion

Hi, I want to upgrade to Mountain Lion on my old Macbook 1.1 . I have the following set up currently,

OS: 10.6.8

Processor: 2Ghz Intel Core Duo

Memory: 1GB 667MHz DDR2 SDRAM

Start up Disk: 500gbHD

Is memory the only thing I need to upgrade? Awhile ago I replaced the HD by myself. I am fairly confident that I can handle the memory upgrade process.

Or, is my macbook too old for trying to run the latest OS? Should I be saving my clams for a new laptop? What else do I need to upgrade besides memory? Does the Processor need replacement as well? Is that a difficult procedure? My desire is to be able to utilize all of the iCloud features between my old Macbook and my new iPad. Any an all advice and thoughts are welcome. Thank you.