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I could not find any info using the search function or the UT website.

I have a 2007 White Macbook. 1 GHz dual-core processor, 1 GB of ram. It still works fine, so I am trying to decide if it's necessary to buy a new computer immediately (I like to save money).

Unless they added new requirements for 1Ls, you don't have to have one. If you want to take notes on one, use whatever. If you want to take exams on one (almost everyone does) its OS must be newer that Mac 10.4 Tiger (or Windows XP) because the software (Exam4) won't support Mac 10.4 Tiger or anything older.