You should get it!
"- I hear that you can run Apples Mac OS X or Windows XP. Does that capability come standard, or that is an additional software purchase?
Parallels $79, also Apple's Boot Camp which requires addt. software. You can run both, and with parallels, you can run XP inside OSX in its own window
- I will assume that if it can run windows XP, that I can install my legal versions of Office 2003, Outlook 2003 etc...??
Well, I am running Office 2004 for Mac on mine, but let's just say I didn't exactly buy it. 
Not sure about existing software from a pc, but mac-to-mac transfers of the software do work
- In addition, I kind find a spec on how much this thing weighs??
5.2 pounds
I would suggest, if you have the $, to get the 2.0 GHz version. When the Macbook was updated, the 2.0 got most benefit from it. It also has a DVD burner, which is helpful for backing up data. Make sure to wait until Leopard comes out if you do decide to buy.