Laptop Specs
Vista 32 bit
DirectX 11
Nvidia GeForce 8800M GTX
Intel Core Duo T8300 (2.4GHz)
4 Gigs of Ram

Everything is updated and I just tried a fresh install of LoL.

Problem
I have to set all my graphics settings to very low because I get extremely poor FPS for an unknown reason. My latency is fine during gameplay. The game sits at a low fps (20-30) and drops in combat even further (from unplayable to 13). I can play other online games maxed out without a hiccup (Modern Warfare 2, TF2), but this game performs terribly for some reason.

Where are you playing from? Also, please check out the following post:
http://www.leagueoflegends.com/board...ad.php?t=24896
Try posting your dxdiag and log files.

go into the video cards control panel and check your settings. Try setting everything to either application control or performance....

DX11? Are you sure?
Update the drivers of the graphics card

Get a program called 'Driver Cleaner' (you can find it on google, I found it on guru3d), then download the latest official nVidia driver.

Go into the control panel and uninstall your old video card driver, restart.

Run Driver Cleaner, restart.

Install the latest nVidia driver.... restart.

Now try playing LoL again, or any other games for that matter. You may get a mild boost in FPS all across the board.

Thanks for posting this with all the logs and everything. The problem is most likely the game's somewhat poor compatibility with GeForce8800 integrated graphics card. The only advice I can give is try to free up as much system memory as possible. Msconfig is a good tool you can access by typing msconfig into Run where you'll be able to turn off any unnecessary process when your computer starts up. I'm also curious how your game would run in Windowed mode or with shadows completely turned off.

We're constantly working on optimizing the game for these kinds of graphics cards, so hopefully in the future it'll smooth out a bit.