To gather detailed system information on a PC running the latest Ubuntu release with 4 MB RAM, various terminal commands can be utilized. For CPU details, commands such as 'lscpu' or 'cat /proc/cpuinfo' provide comprehensive information. To check RAM specifications, the command 'cat /proc/meminfo' is effective. Additionally, BIOS can offer system details without the need to modify any settings. However, for video parameters, further exploration at the OS level is necessary. Reformatting the system is not required for this process.