secondlife specs link
Under the "Important notes" section any chipsets less than 945 including intel extreme..
this chip is a 945 pin chipset.
Is Express Z77 chipset part of the extreme series?
Is this chipset compatible for Secondlife?
Yes, that chipset will be enough for that application to run. However just keep in mind that a chipset is a middle device, that is integrated into the a motherboard. So in any case, what you should check is on what kind of memory, processor, and possibly video card would be the motherboard support. So, you may need to check with the motherboard manufacturer directly for this.