[LAU] Live bass guitar -> analog synth on a 2007 laptop: viable?

[Artem Vakhitov]

Hello fellow Linux audio users,

I'm back to dabbling with Linux as an audio system. Among other things, 
I play bass guitar in a synth pop band and recently started to get 
interested in bass synthesizers. I could of course buy something like 
Markbass Super Synth, but then I thought - maybe I could cobble together 
something using my Samsung Q35 laptop and Linux? The laptop has a dual 
core processor and 2.5GB RAM. The sound card is a variable here: it 
could be the built-in Intel HDA (for this particular purpose, why not), 
or an Infrasonic DeuX (Firewire) that I have, or even some used Echo 
Indigo (PCMCIA).

Is what I want viable at all with a reasonable latency? What software 
setup can I use for that? Does anybody here use something similar live?

Regards,
Artem Vakhitov