Dude. Look up 'benchmarks' at Mameworld and here. To give you a clue, I wouldn't run Mame32 .100 on your system. Also read the mame info about how mame uses resources.
Err, an AMD Duron @ 1.2 Ghz running 0.108 looks to do metal slug fine (averaging 77.67 frames per second). Close enough to worry about hitting slowdowns or frameskips once in a while, but probably "playable".
Current versions of mame, OTOH,
might not be. On my 2.5Ghz athlon, I saw drops of at least ~10% on metal slug X at version 0.100, 0.104, and 0.107, and a smaller drop at 0.114, the last version I tested that game on that computer. It ended still over 150 fps, though.
The sound could be the most common reason: that game runs at ~59.1 Hz, and you monitor is running at something else (probably 60Hz), but usually that's if you monitor is running slower than the original (so it could the cause for the "other games" that you don't list). The skipping could be you have autoframeskip on, and mame thinks it needs to skip. You could turn it off (and see slowdown instead) if that's the problem. autoframeskip is designed to ease CPU load, though, so you might get more slow down (OTOH, skipping frames sometimes doesn't help speed up emulation.)
Any way you go, 1.2Ghz is on the low end for mame, and will not be able to play all games in mame at full speed. (Heck, no CPU can yet.) So it might work on the other games, or you might need to upgrade your CPU to play them, but we can't help you without knowing what games you are trying to play. NeoGeo looks to be boardline, unless you go to an older mame; you might want to try 0.99, 0.103, or 0.106 based on my tests's drops.