With hundreds of thousands of visits I don't think it's very good. That would be at least two visitors per minute. However, it's more likely to be 10 visitors in the same second and then 10 minutes no visitors, though. This many visitors will eat up a lot of bandwidth, which you fortunately have. But consider this:
Every hour that this server is down, there will be 130+ failed visits. A few hours downtime will upset quite a few people who will decide to go elsewhere, if this happens again. So you will need a fall-over server which can take over the job of this computer when this one goes down.
Still, the amount of visits isn't big enough -yet- to require a complete server-park. The amount of RAM should be enough, unless you're serving some very complex pages. Additional RAM would be useful as cache, though, serving back the much-requested pages as fast as possible. Then again, part of that depends on the architecture of your code.
A Quad-code would be useful to process multiple visits simultaneously. They are expensive but when you're dealing with this many visits, it can be practical to have more CPU's available. A dual-core could handle up to 4 threads thanks to hyperthreading, thus 4 visits. A Quad-core doubles this but also gives better handling for any other background threads.
Choosing between 32-bits and 64-bits is more a choice that depends on the amount of RAM that you want to use. If you add 8 GB instead of 2, a 64-bits OS would be required. With only 2 GB, a 64-bits OS would just eat up more RAM (because pointers become bigger), thus a 32-bits system would be better.