Welcome to NV News, Vancity.
The GT 240M is a graphics processor for notebooks that has a little bit of gaming performance, likely enough to play games up to those made in 2006 at high settings. It's likely that 2009-2010 games will require the lowest settings to run smoothly.
The GPU runs at 605 mhz, and the GT 240M has 48 CUDA cores and a 128 bit memory interface... this puts it above the lowest-spec GPUs, but not by a lot.
If I had this GPU in a notebook I would stick with playing games like Battlefield 2, Unreal Tournament 2004, Doom 3, Quake 4, Call of Duty 2, Warcraft 3... stuff like that... older games which would positively run smoothly.
It's likely that this GPU is in some "value" gaming notebooks, and if the price is right, and you're ok with compromised visual quality on newer games then it might be a good deal for you.
Hope this helped.