A 2007 Macbook is getting pretty old. Apple requires all new app submissions to be built on iOS 7 as the current SDK, which may require Xcode 5 (though some people have gotten it to work with 4.6 I think). Xcode 5 requires OS-X 10.9 Mavericks.
If you want to just play with it to see what Corona SDK can do for you, you can go to the build archive and get something prior to 2000. Those older builds run on OpenGL 1.x. You can get a build 1262 here: http://coronalabs.com/blog/2014/01/29/apples-ios-7-submission-requirements/
There are two things you need to be aware of using this build. First, it’s the old Graphics 1.0 engine. Starting with builds 2xxx and up, we changed engines (ergo the OpenGL 2.1 requirement) and that build has breaking changes. We deprecated some function calls like setReferencePoint. We changed color’s from 0…255 to 0…1 ranges. All API’s that take an X, Y as parameters are now center based, where as before some were center, others were top, left. All color setting functions should now be consistantly named :setFillColor() where before somethings were like :setTextColor(). The point is, if you try to build a serious app in 1262 and then want to migrate it to a current build (which you will probably need to do before you submit because of Apple and Google’s current requirements), you will have some conversion work to do.
Secondly, Apple has also recently changed their requirements on accepting apps that use the Identifier for Advertisers (IDFA). Your app cannot include this if you don’t use ads. It’s baked into the core of 1262. You would need to use 2189 or later to avoid this issue. There are also Facebook related changes that would also force you in to 2189 or later if you wanted to use Facebook in your app. Then in August, Google is going to require using AdMob to use a different SDK. We have that in place today, but again, you need 2189 or later to use it.
So basically, you can play around with Corona on your older Mac using an older build, but to release anything, you’re going to need a new Mac. Modern Mac Mini’s are not too expensive and there is also a rental place called MacInTheCloud or something like that where you can use Mac’s over the internet. People have been successful with it.
Rob