Will these specs be enough to run WoW on its highest setting lag free? If not, what should I be looking for?

I doubt it. You're running the game on a laptop...with mobile video chipset which typically tend to be watered down compared to retail parts. I mean, if your laptop had a mobile 9800 GT or GTX 260 or something like that, I'd say yes, wow would run with most if not all details...