So many people came in here without reading the OP and just want to post their PC's specs, What the OP is saying is with something like the xbox360s or Ps3s complete amount of hardware could a windows PC run the same lvl of gaming, as in with 256mb of system Ram and with a 256mb graphics card of any spec on the pc, would it be able to boot up any game similar looking to anything from the ps3.
Of course the answer to this is no, you would have difficulty booting any OS after windows XP on that limited amount of system memory and the best looking games you would be talking about are CS and Halo:CE that would boot with such low system memory. You couldn't even get Post TBC World of Warcraft to run on Ps3/360 specs.
Ops point is basically how awesome Consoles are at optimization, if you were to look at whats in the box of the 2006 consoles and compare it to PC's you ofc would be blown away by what they can output. So to then compare the X1 and the PS4 to current PC components and turn around and say "meh my pc has more powerful specs" is like suggesting that the same PC which will barely run CoD:Ghosts today is going to be able to run the same games which will be running on the X1/PS4 in about 6/7 years down the line, you know it wont.
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