Oh yeah, it should all work fine. Three things:
1. You may or may not want to get the 64 bit edition of Ubuntu - sometimes it works, sometimes it doesn't. However, I'd try it, because if it does work, it will work marvelously.
2. Make sure you install an SMP kernel (Symmetric Multi Processing, for dual cores/procs.)
3. Ubuntu (sometimes) freaks out with nVidia cards right after install. Make sure you install the OFFICIAL nVidia drivers provided by their website.