If you are installing Ubuntu to fully replace the operating system you already have in place, then depending on your choice on how to handle the partition question (which your question says you've already read up on) your programs will either be deleted, if the partition they were on was deleted during the install process, or they will stay on the disk.
However, Ubuntu is not compatible with Windows XP software and unless you intend to use compatibility software such as Wine, you will not be able to use your old software at all, regardless of whether they remain on the disk or you try to reinstall them. The installation software is also windows-specific and will also not function. You will need to find (generally open source and therefore free) alternatives.
If you do wish to use Wine (software which lets you run some Windows software on Linux), you are strongly encouraged to reinstall your applications through Wine itself and not try to operate the old software in-place.
Ubuntu system requirements are flexible because almost all parts of the system are componentized and can be replaced with smaller or older software packages with reduced system requirements. A rough guideline is that if you have a 1ghz or faster processor, 1 GB or more memory, and 5 GB or more disk space, then you should be able to use Ubuntu on the default settings, possibly excepting graphics effects depending on your graphics card. According to this wiki page you can skimp by on a 700mhz or so processor and 512 mb of ram, but at that point it is likely to be quite slow and you might benefit from a slimmer configuration than the default.