GTA 4 with PS3 on a Standard box TV set [Newbie]

This query is basically going to allow me to make a decision in buying a ps3. Which has been long overdue.

I have a standard Phillips TV (32 " non flat screen). It has Audio Video support with 3 pins (one for video and 1 each for left and right speaker channel).

I am not sure what 780 p or 1080 p means. I am a newbie in this regard. Would love to get some information on this. Also I do not know what specifications are of my TV.

Can I run GTA 4 on it with PS3? If not then how can I do that?

Cheers,

darktaktiX

Thanks for your promp reply. The reason why I asked this was that almost all of the game store said I won't be able to play it on a SDTV. I live in Pakistan where Xbox is a more popular platform but I am inclined towards PS3.

And can I get a standard AV cable (with one pin for video and one pin for audio - like in old Mega Drive Consoles) for PS3?