Can I Run GTA V smoothly at lowest settings with these specs?

Yes you can run.Install the game and change the values to 0(zero) of settings.xml file found in MY DOCUMENTS>Rockstar Games>GTA5.It would run but i can say you could barely get 30fps with that PC and even the game looks awful.
 
Your system does not meet the minimum system requirements for the game. While it *may* run, I, personally, would not risk it.

I would also note that if you do purchase the game, the only technical support you will receive, should you run into problems is: "Your system does not meet the minimum system requirements for this game. Upgrade your system"

-Wolf sends