IMO, laptops are to PCs what PCs are to actual Servers when it comes to any sort of hosting. A real server box is going to be optimized for fast drive access and probably have multiple drives setup in RAID and might even be in a cluster of servers. They are built for stability and normally run an OS specifically for servers. A home PC is decent for hosting some stuff, but in comparison to an actual server, they won't get quite as good of performance and will have a few more stability issues. This is probably partially due to the operating system that is being used as well as the different hardware architecture. A laptop is always going to perform worse than a PC or Server unless it has considerably better stats and is running the right OS and has really good hardware and good tweaks to make it perform well.
I don't think the OS that the laptop is running was even mentioned yet. If it is Vista, then there are bound to be some issues running a server with that. I know plenty of people have had issues with Vista and running a server. To help with stability, you might want to consider Linux. It won't make up for the hardware on the laptop, but it should definitely help in the OS department. Though, I don't think the WoW Emu server runs on Linux, though I wouldn't be surprised if there was a version that can.
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