Yes, that's correct.
The priority option determines how intensely the the system is dedicated to running the task, the higher the number, the more resources it comsumes. I have it on 8 as this is the highest it can be without slowing the system to a crawl.
If you're running two copies at once, best to run 1 blend test and 1 small/large fft test, this way you ensure both cores are being fully utilized all the time.
I'm trying this right now, just to make absolutely sure that all is well with my CPU/RAM

.
I'd imagine you're running 2 blend tests at the moment, which is why one is running very slowly as even with two gigs of RAM, it's having to sling data in and out of the swap file on your hard disk, when this happens, one core is often not made full use of.
I don't know what would happen if I just ran 3dmark without prime, my guess is that it would not lock up.