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It depends on the netbook. Most of them will run WoW at a very horrible framerate. If you are considering getting a "gaming netbook" then the keyword to look for is NVIDIA ION 2, as well as the more recent atom processors which actually have two cores (though processors from just over a year ago like the N270? or N280? - not sure, will have to check - satisfy this criteria).
I personally own an HP Mini 311 which I acquired towards the end of 2009 with the following specs:
Intel Atom ~1.6GHz,
It averages out to about 13-17fps on low-moderate settings. Without a doubt you can reach something higher with a better netbook, adding credit to Fuzapalumpus' post.
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