I have done my research on the internet and failed to come up with any suitable answer. I asked on a few forums as well, but no results. So my question is, if I have two separate computers, one with 8GB dedicated RAM with a 1.7GHz processor, and another with 2GB RAM and a 3.2GHz processor, which one has the greater hashrate?
If you're thinking about mining something SHA256 based (like bitcoin), then you can't even dream about doing it with a normal PC.. You need special ASIC hardware or you're just throwing your hardware and electricity away.. It is probably difficult even with the ASIC hardware.
Scrypt (like litecoin) based systems are made to be limited some by RAM, and not just pure calculation speed to try to dampen the ASIC arms race to an extent, but it might be getting to the point where ASICs are taking over there too.. Especially if you want to be profitable.. I could be wrong though.. I don't follow the Litecoin stuff much..
You'll have a lot more success with your research if you decide what you're going to mine... and to help you out a bit, you should decide not to mine bitcoin.. the competition is too great for a decent ROI (especially if you're not going to commit $20K to building your systems). Litecoin or dogecoin or something is probably a better option..